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261
A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?
  • A. N24,000
  • B. N22,000
  • C. N14,000
  • D. 8,000
  • E. NO OPTION INDICATED
View Answer & Discuss (2) JAMB 2001
262
Given:

Club trading profit N12,000



Members'' subscription N15,000



Profit on sale of fixed assets N2,500



Loss on sale of investments N1,000



Wages N16,500



Other expenses N10,000



Determine the club''s excess of income over expenditure?
  • A. N500
  • B. N1,500
  • C. N2,000
  • D. N2,500
View Answer & Discuss (2) JAMB 2001
263
The excess of income over expenditure is usually transferred to the?
  • A. accumulated fund
  • B. profit and loss account
  • C. current assets in the balance sheet
  • D. current liabilities in the balance sheet
View Answer & Discuss JAMB 2001
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264
Partners' salaries and drawings are usually posted to the?
  • A. trading account
  • B. current account
  • C. capital account
  • D. partners' account
View Answer & Discuss JAMB 2001
265
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
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