1998 - JAMB Accounting Past Questions and Answers - page 4

Which of the following indicate that a partnership business is in place?
(i) There is a business
(ii)It is run commonly by partners
(iii)It has profit-making in view
(iv) Partners' liability is limited

When forming a partnership, new partners should record non-monetary assets on the new partnership's books at?

Umar and Ahemed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?

Which of the following is an intangible asset and a measure of a firm's superior earning power?

The price paid by an acquiring company is the?

Use the information below to answer question 38 and 39.

Dan and Baker are in partnership with capital of N50,000 and N30,000 each. The partnership agreement provides that:(i) profits be shared in the ratio of capital. (ii) Baker be paid a salary of N8,000.
(iii) both partners earn interest on capital at 6% p.a.
(iv) both partners pay interest on drawing at 6% p.a.
At the end of the year, Dan drew N15,000 while Baker drew N14,000 in four installment on 31/3,30/6,30/9 and 31/12. The net profit for the year was N48,000. N5,000 is to be written off the Goodwill account.

What is the interest on the drawing by Baker?

Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents pay interest on drawings at 6% p.a. At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.


Determine the total interest on capital due to the partners?

The ordinary shareholders enjoy the following rights except the right to?

Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?

Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.