Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 266:

• JAMB 2000

The accumulation fund of a non-trading concern can equally be referred to as?

A. Members' equity
B. Share capital
C. General fund
D. Surplus fund

Question 267:

• JAMB 2000

When a purchase business is revalued, the effect is that?

A. A decrease in the value of asset has no effect on value of goodwill
B. An increase in the value of asset is treated as an increase in the value of goodwill
C. A decrease in the value of asset is treated as an decrease in the value of goodwil
D. An increase in the value of asset is treated as an decrease in the value of goodwill

Question 268:

• 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

Question 269:

• JAMB 2000

Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
The interest on joy's drawing is?

A. N6.00
B. N7.25
C. N9.00
D. N9.75

Question 270:

• JAMB 2000

Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

A. N340,000 credit
B. N349,75 debit
C. N500.00 credit
D. N 511.25 debit