Appropriation account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2009

In a partnership account, conversation of non-cash assets into cash is referred to as?

A. Realization
B. Disposal
C. Dissolution
D. Revaluation

Question 7:

• JAMB 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
Find Modibbo's share of the profit

A. #62,000
B. #48,000
C. #44,000
D. #43,000

Question 8:

• JAMB 2013

In a partnership account, interest on drawings is

A. Debited to appropriation account
B. Credited to appropiation account
C. Treated as an expense in profit and loss account
D. Recorded in the balance sheet as current assets

Question 9:

• JAMB 2015

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Int.on capital 5% 5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

A. N19, 800
B. N49, 500
C. N48, 000
D. N29, 700

Question 10:

• JAMB 2015

Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

A. 2 : 3
B. 3 : 2
C. 6 : 5
D. 5 : 6