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

Question 21:

• JAMB 1999

When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?

A. Goodwill account balance
B. Current account credit balance
C. Current account debit balance
D. Profit and loss credit balance

Question 22:

• JAMB 1999

Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.

A. N 9,300
B. N 6,600
C. N4,850
D. N 4,450

Question 23:

• JAMB 2000

An outright sale of a partnership amounts to the?

A. Compensation of vendors by the purchase
B. Admission of a new partner
C. Purchase of rights of a dead partner
D. Change of sharing ratio of vendors

Question 24:

• JAMB 2000

The Partnership Deed normally specifies?

A. How profit or losses are to be shared
B. The capital to be contributed annually
C. How salaries are paid to employees
D. The profit that should be earned annually

Question 25:

• JAMB 2000

An item of appropriation in partnership profit and loss account is?

A. Interest on partners' capital
B. Interest on partners' loan
C. Employees' salaries
D. Partners' drawings