Partnership Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1995

Interest on a partner's drawings is debited to the

A. Partners current account and credited to the profit and loss appropriation account
B. Profit and loss appropriation account and credited to the partner's current account
C. Profit and loss account and credited to the partner's current account
D. Partner's current account and credited to the profit and loss account

Question 7:

• JAMB 1995

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be

A. Credited to land and building account
B. Debited to asset revaluation account
C. Credited to asset revaluation account
D. Credited to profit and loss appropriation account

Question 8:

• JAMB 1995

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is

A. N7,500
B. N6,000
C. N5,400
D. N4,500

Question 9:

• JAMB 1995

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Hamed's share of the profit should be

A. Credited to partners' capital account
B. Credited to partners' current account
C. Credited to appropriation account
D. Debited to partners' drawing account

Question 10:

• JAMB 1997

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.
Calculate the profit for Adamu?

A. N583
B. N1 000
C. N1 167
D. N1 750