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

Question 96:

• JAMB 2017

The account where the profit are distributed to the partner in their profit sharing ratio in partnership

A. Trading account
B. Appropriation account
C. Balance sheet
D. Profit and loss account

Question 97:

• JAMB 2017

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

A. I,II and IV
B. I & III
C. I,II and III
D. I, III and IV

Question 98:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)
Determine the amount of goodwill

A. ₦110 000
B. ₦ 80 000
C. ₦ 90 000
D. ₦ 30 000

Question 99:

• JAMB 2017

Goodwill can be created in the books of a partnership firm when

A. The partnership experiences super profit
B. A new member is admitted
C. The business is being expanded
D. The business suffers high loss

Question 100:

• JAMB 2017

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

A. II and IV only
B. I,II and IV only
C. I,II and III only
D. II,III and IV only