Formation of partnership - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2018

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

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

Question 12:

• JAMB 2018

The partnership deed normally specifies?

A. How profits or losses are to be shared
B. The capital to be contributed annually
C. How salaries are paid to employees
D. The profit that should be earned annually

Question 13:

• 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

Question 14:

• JAMB 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A. 20%
B. 5%
C. 10%
D. 15%