Jamb Accounting Past Questions For Year 2004
Question 41
Debentures can be redeemed out of?
- A. existing share capital reserve
- B. existing general reserve
- C. proceeds from new issue of shares
- D. withholding tax
Question 42
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 43
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 44
What is Kunle's share of the profit?
- A. N600
- B. N300
- C. N180
- D. N120
Question 45
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
