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

Question 31:

• JAMB 2001

On the dissolution of a partnership business,the net book value of the assets is transferred to?

A. Debit of realization account
B. Credit of realization account
C. Credit of bank account
D. Debit of bank account

Question 32:

• JAMB 2001

Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?

A. N190,000
B. N210,000
C. N220,000
D. N230,000

Question 33:

• JAMB 2002

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

A. Used to pay all taxes due to government
B. Used to start a new partnership business by members who are willing
C. Shared equally by the existing partners
D. Used in paying the debts and liabilities of the firm to persons who are not partners

Question 34:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be

A. N5475
B. N5725
C. N4400
D. N5000

Question 35:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be

A. N250
B. N350
C. N175
D. N325