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Accounts - Principles of Accounts Past Questions

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1536
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?
  • A. N10,000
  • B. N7,000
  • C. N6,000
  • D. N4,000
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1537
In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
  • A. 50,000
  • B. 25,000
  • C. 20,000
  • D. 10,000
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1538
A partner who has full power of participating in the conduct of a partnership business is a
  • A. general partner
  • B. limited partner
  • C. sleeping partner
  • D. nominal partner
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1539
The ratio which measures the solvency of a firm is the
  • A. quick ratio
  • B. gross profit over sales ratio
  • C. stock turnover ratio
  • D. debtors turnover ratio
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1540
When goods are purchased on account, the accounting entries are
  • A. debit purchases account, credit supplier's account
  • B. credit purchases account, debit supplier's account
  • C. credit bank account, debit purchases account
  • D. debit bank account, debit purchases account
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