Profit and loss account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2004

Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?

A. N4,000
B. N2,800
C. N1,500
D. 300

Question 7:

• JAMB 2004

What is Kunle's share of the profit?

A. N600
B. N300
C. N180
D. N120

Question 8:

• JAMB 2005

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

A. Partners' salaries
B. Interest on capital
C. Partners' drawings
D. Interest on loans

Question 9:

• JAMB 2005

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?

A. N12 000
B. N10 000
C. N8 000
D. N7 000

Question 10:

• JAMB 2009

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take \(\frac{1}{5}\) as her share, what is the new profit or loss sharing ratio?

A. Sule 1/3, Ahmad 1/3 and Khadija 1/3
B. Sule 1/5, Ahmad 15 and Khadija 3/5
C. Sule 2/5, Ahmad 2/5 and Khadija 1/5
D. Sule 2/5, Ahmad 1/5 and Khadija 2/5