Appropriation account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2015

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.

A. Equally
B. In accordance with an established
C. In proportion of current account balances
D. In proportion of weighted average of capital

Question 12:

• JAMB 2015

Which of the following is shown in the profit and loss appropriation account of a company

A. Interest charges
B. Depreciation
C. Directors emoluments
D. Dividends

Question 13:

• 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 14:

• JAMB 2018

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

A. 1 : 1
B. 3 : 6
C. 2 : 1
D. 2 : 6

Question 15:

• 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