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

Question 26:

• 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 27:

• 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

Question 28:

• JAMB 2001

Partners' salaries and drawings are usually posted to the?

A. Trading account
B. Current account
C. Capital account
D. Partners' account

Question 29:

• JAMB 2001

Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?

A. 50% : 25%
B. 50% : 20%
C. 25% : 50%
D. 25% :25%

Question 30:

• JAMB 2001

If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?

A. N500
B. N2,000
C. N2,500
D. N3,000