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

Question 11:

• JAMB 1997

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?

A. Faruk, (N450); Osawe, (N1 050)
B. Faruk, (N3 150); Osawe, (N7350)
C. Faruk, (2 250); Osawe, (N7 350)
D. Faruk, (N450); Osawe, (N1 050)

Question 12:

• JAMB 1997

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A. Borne by all the partners
B. Borne by the insolvent partner
C. Written off
D. Borne by the solvent partners

Question 13:

• JAMB 1997

The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is

A. N36 000 Credit
B. N16 600 credit
C. N16 600 debit
D. N1 800 credit

Question 14:

• JAMB 1998

Which of the following indicate that a partnership business is in place?
(i) There is a business
(ii)It is run commonly by partners
(iii)It has profit-making in view
(iv) Partners' liability is limited

A. I and ii only
B. I, ii and iii only
C. I, iii and iv only
D. Ii, iii and iv only

Question 15:

• JAMB 1998

Umar and Ahemed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?

A. N33,333
B. N40,000
C. N44,444
D. N50,000