Jamb Accounting Past Questions For Year 2017
Question 1
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
- A. trading account
- B. appropriation account
- C. balance sheet
- D. profit and loss account
Question 2
Capital for a profit making organization is generated through
- A. Subscription
- B. shares
- C. donation
- D. gift
Question 3
Which of these accounts is dissolution expenses credited?
- A. partners capital account
- B. revaluation account
- C. partners current account
- D. Realization account
Question 4
Which fund is used to meet unforeseen or urgent expenditure
- A. General reserve fund
- B. Consolidated Reserve Fund
- C. contingencies fund
- D. special fund
Question 5
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?
- A. â¦4,350
- B. â¦6,000
- C. â¦5,150
- D. â¦4,000
