Jamb Accounting Past Questions For Year 2009
Question 31
Receipt and payments account is a summary of the?
- A. budget
- B. trading account
- C. cash book
- D. profit and loss account
Question 32
Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
- A. N25,000
- B. N24,900
- C. N22,900
- D. N20,000
Question 33
Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
- A. 6,280
- B. 4,020
- C. 2,820
- D. 2,280
Question 34
Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take \(\frac{1}{5}\) as her share, what is the new profit or loss sharing ratio?
- A. Sule 1/3, Ahmad 1/3 and Khadija 1/3
- B. Sule 1/5, Ahmad 15 and Khadija 3/5
- C. Sule 2/5, Ahmad 2/5 and Khadija 1/5
- D. Sule 2/5, Ahmad 1/5 and Khadija 2/5
Question 35
Which of the following is a common cause of a discrepancy between head office and branch trial balance?
- A. Debtors and cash in transit
- B. Creditors and cash in transit
- C. Stock and cash in transit
- D. Stock and prepayments
