2001 - JAMB Accounting Past Questions and Answers - page 4

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?

If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?

On the dissolution of a partnership business,the net book value of the assets is transferred to?

Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?

Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`

The main difference between the ordinary and preference shareholders is that?

The law that currently regulates the registration of companies in Nigeria is the?

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

To account for expenses paid by head office on behalf of the branch, the branch should?