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Accounts - Principles of Accounts 2011 JAMB Past Questions

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36
The major point of agreement carried by the partnership deed is?
  • A. 5% interest annum on any loan
  • B. an oral agreement among the partners
  • C. method of inhertance by the partners' children
  • D. the profit and loss sharing ratio of the partners
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37
Use the information below to answer questions 40 and 41.

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%

The interest on Kemi's capital is?
  • A. N1 000
  • B. N2 000
  • C. N500
  • D. N3 000
View Answer & Discuss JAMB 2011
38
The interest on Keme's drawings is calculated as?
  • A. N200
  • B. N150
  • C. N300
  • D. N100
View Answer & Discuss (1) JAMB 2011
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39
Which of the following can be used on admission of a new partnership?
  • A. Revaluation account
  • B. Profit account
  • C. Capital account
  • D. Trading account
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40
Goodwill is determined using?
  • A. capital contribution
  • B. number of partnerd admitted
  • C. the business and customer relations
  • D. number of active partners
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