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

Question 106:

• JAMB 2018

A partnership deed is used to____________

A. Promote mutual understanding
B. Enhance mistrust
C. Encourage discrepancy
D. Control funds

Question 107:

• JAMB 2018

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

A. ₦705
B. ₦500
C. ₦1000
D. ₦10000

Question 108:

• JAMB 2018

In the absence of a partnership deed, the act stipulates that____________

A. An amount should be fixed as salaries for partners
B. Profits and losses should not be shared equally
C. Interest on partner’s loan should be 25%
D. Interest should not be allowed on partners drawings

Question 109:

• JAMB 2018

A partnership’s internal regulation are set out by________---

A. A constitution
B. A law
C. A deed
D. An article

Question 110:

• JAMB 2018

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

A. Sule1/3, Ahmed1/3, Khadija 1/3
B. Sule1/3, Ahmed1/3, Khadija 1/3
C. Sule1/5, Ahmed1/5, Khadija3/5
D. Sule2/5, Ahmed1/5, Khadija2/5