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

Question 26:

• JAMB 2018

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

A. ₦705
B. ₦500
C. ₦1000
D. ₦10000

Question 27:

• JAMB 2018

Use the information to answer the questions

Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:

Rakiya, #200 on March 31 and #300 on September 30.

Joy, #100 on April 1 and #240 on July 1.

The interest on Joy’s drawing is___________

A. #511.25 debit
B. #500.00 credit
C. #349.75 debit
D. #340.00 credit

Question 28:

• JAMB 2018

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

A. 36,925Cr
B. 40,000Cr
C. 50,000Dr
D. 36,295Dr

Question 29:

• JAMB 2019

The rate of interest on capital for Ade is

A. 250
B. 200
C. 300
D. 400

Question 30:

• JAMB 2021

The interest on partner's loan is

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