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Accounts - Principles of Accounts 2018 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
36

In the absence of a partnership deed, the act stipulates that____________

  • A. An amount should be fixed as salaries for partners
  • B. Profits and losses should not be shared equally
  • C. Interest on partner’s loan should be 25%
  • D. Interest should not be allowed on partners drawings
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37

A partnership’s internal regulation are set out by________---

  • A. A constitution
  • B. A law
  • C. A deed
  • D. An article
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38

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

  • A. Sule1/3, Ahmed1/3, Khadija 1/3
  • B. Sule1/3, Ahmed1/3, Khadija 1/3
  • C. Sule1/5, Ahmed1/5, Khadija3/5
  • D. Sule2/5, Ahmed1/5, Khadija2/5
View Answer & Discuss (3) JAMB 2018
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39

Transfers from the head office to branches are best carried out at__________

  • A. Cost price
  • B. Cost plus mark up
  • C. Selling price
  • D. Market price
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40

Which of the following is a common cause of a discrepancy between head office and branch trial office________

  • A. Stock and repayment
  • B. Creditors and cash in transit
  • C. Stock and cash in transit
  • D. Debtors and cash in transit
View Answer & Discuss JAMB 2018
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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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