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

Question 16:

• JAMB 2008

Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?

A. N50
B. N100
C. N200
D. N250

Question 17:

• JAMB 2008

The entry in the partnership books of accounts for interest on drawings is to?

A. Credit partners capital account
B. Debit partners capital account
C. Credit drawings account
D. Debit drawings account

Question 18:

• JAMB 2009

Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
If the capital of the partnership is unfixed, what is K's current accounts?

A. N11,950
B. N10,950
C. N20
D. N 0
E. NO OPTION

Question 19:

• JAMB 2010

Which of the following is mostly used in treating partners' current earnings?

A. Savings account
B. Current account
C. Capital account
D. Share capital account

Question 20:

• JAMB 2010

The salary of a partner is usually debited to the?

A. Sundry debtors' account
B. Appropriation account
C. Profit and loss account
D. Sundry current account