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

Question 116:

• JAMB 2019

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950


Ojo's share of profit is

A. 2475
B. 1322.5
C. 4950
D. 6000

Question 117:

• JAMB 2019

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950


Sam's share of profit is

A. 7000
B. 4921
C. 3000
D. 991.8

Question 118:

• JAMB 2019

The rate of interest on capital for Ade is

A. 250
B. 200
C. 300
D. 400

Question 119:

• JAMB 2019

Use the following information to answer this question

Year	₦
1991199219931994	14,00024,00010,00016,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

A. 32,000
B. 16000
C. 30000
D. 64,000

Question 120:

• JAMB 2019

Where there is no agreement made by the partners, the following provisions takes place except

A. No salary for partners acting in the business
B. There is interest on capital
C. No interest to be charged on drawings
D. Profit and loss are to be shared equally