Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1251:

• JAMB 2019

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

A. ₦55,570
B. ₦36,320
C. ₦50,000
D. ₦30,000

Question 1252:

• JAMB 2019

Retained profits is an example of

A. Revenue reserve
B. Capital reserves
C. General reserves
D. Loan capital

Question 1253:

• 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 1254:

• 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 1255:

• JAMB 2019

The rate of interest on capital for Ade is

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