Partners current and capital accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2001

Partners' salaries and drawings are usually posted to the?

A. Trading account
B. Current account
C. Capital account
D. Partners' account

Question 12:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be

A. N5475
B. N5725
C. N4400
D. N5000

Question 13:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be

A. N250
B. N350
C. N175
D. N325

Question 14:

• JAMB 2005

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?

A. N6000 and N5000
B. N3000 and N3400
C. N4000 and N4000
D. N3000 and N600

Question 15:

• JAMB 2007

Partners' share of profit is credited to?

A. A partner's current account
B. A partner's capital account
C. The profit and loss account
D. The profit and loss appropriation account