Jamb Accounting Past Questions
Question 11
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is
- A. N7,500
- B. N6,000
- C. N5,400
- D. N4,500
Question 12
A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be
- A. credited to land and building account
- B. debited to asset revaluation account
- C. credited to asset revaluation account
- D. credited to profit and loss appropriation account
Question 13
Interest on a partner's drawings is debited to the
- A. Partners current account and credited to the profit and loss appropriation account
- B. profit and loss appropriation account and credited to the partner's current account
- C. profit and loss account and credited to the partner's current account
- D. Partner's current account and credited to the profit and loss account
Question 14
Which of the following is a strong feature of partnership?
- A. The life of the partnership is generally assumed to be indefinite
- B. The owners are liable personally for all debts of the business
- C. The transfer of ownership interest is frequent and easy to accomplish
- D. The partnership is complex to form because of many legal and reporting requirements
Question 15
A member of a club paid N1,000 as is subscription for 1993 and N1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the N1,200 subscription will be treated in the balance sheet as
- A. current asset
- B. current liability
- C. capital
- D. profit
