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

Question 21:

• JAMB 2010

The interest on partners' loans is?

A. Debited in current account
B. Credited in profit and loss account
C. Debited in profit and loss account
D. Credited in current account

Question 22:

• JAMB 2011

The interest on Keme's drawings is calculated as?

A. N200
B. N150
C. N300
D. N100

Question 23:

• JAMB 2014

Where partnership is converted into a limited liability company, current account balances of partners are transferred to a

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

Question 24:

• JAMB 2016

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

A. Current account
B. Profit and loss account
C. Profit and loss appropriation account
D. Capital account

Question 25:

• JAMB 2018

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

A. Partners salaries
B. Interest on capital
C. Interest on loans
D. Partners drawings