Jamb Accounting Past Questions For Year 2005
Question 41
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 42
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 43
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 44
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
- A. debit entry
- B. credit entry
- C. contra entry
- D. reversal entry
Question 45
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
- A. debtors' account
- B. trading account
- C. expenses account
- D. cash account
