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

Question 41:

• JAMB 2004

The accounting entry to record the premium on goodwill is to debit?

A. Cash and credit old partners' capital
B. Goddwill and credit revaluation
C. Assets and credit capital
D. Capital and credit assets

Question 42:

• JAMB 2005

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

A. Partners' salaries
B. Interest on capital
C. Partners' drawings
D. Interest on loans

Question 43:

• JAMB 2005

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?

A. N12 000
B. N10 000
C. N8 000
D. N7 000

Question 44:

• JAMB 2005

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?

A. N6000 and N5000
B. N3000 and N3400
C. N4000 and N4000
D. N3000 and N600

Question 45:

• JAMB 2005

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?

A. Cash account and credit realization account
B. Rassets account and credit realization account
C. Realization account and credit realization account
D. Assets account and credit cash account