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Accounts - Principles of Accounts 2001 JAMB Past Questions

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31
Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?
  • A. 50% : 25%
  • B. 50% : 20%
  • C. 25% : 50%
  • D. 25% :25%
View Answer & Discuss JAMB 2001
32
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
  • A. N500
  • B. N2,000
  • C. N2,500
  • D. N3,000
View Answer & Discuss JAMB 2001
33
On the dissolution of a partnership business,the net book value of the assets is transferred to?
  • A. debit of realization account
  • B. credit of realization account
  • C. credit of bank account
  • D. debit of bank account
View Answer & Discuss JAMB 2001
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34
Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?
  • A. absorption
  • B. merger
  • C. conversion
  • D. dissolution
View Answer & Discuss JAMB 2001
35
Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`
  • A. investment and credit cash
  • B. investment and credit shares
  • C. purchases and credit cash
  • D. purchases and credit shares
View Answer & Discuss JAMB 2001
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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