Profit and loss account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2009

Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?

A. 6,280
B. 4,020
C. 2,820
D. 2,280

Question 12:

• JAMB 2011

Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?

A. N1 000
B. N2 000
C. N500
D. N3 000

Question 13:

• JAMB 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
What is Jakata's sharing profit?

A. 3:5
B. 1:2
C. 2:5
D. 1:5