Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 471:

• JAMB 2004

On dissolution, the final distribution of cash to partners is based on?

A. Patnership agreement
B. Articles os asssociation
C. Goodwill
D. Capital balances

Question 472:

• JAMB 2004

Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?

A. N4,000
B. N2,800
C. N1,500
D. 300

Question 473:

• JAMB 2004

What is Kunle's share of the profit?

A. N600
B. N300
C. N180
D. N120

Question 474:

• JAMB 2004

When a new partner is admitted to a partnership, there is a need to revalue the?

A. Capital of the business
B. Capital and liabilities of the business
C. Assets and capital of the business
D. Assets and liabilities of the business

Question 475:

• 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