2001 - JAMB Accounting Past Questions and Answers - page 4
31
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?
What is the new profit-sharing ratio of Marhumu and Yusuf?
A
50% : 25%
B
50% : 20%
C
25% : 50%
D
25% :25%
32
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
A
N500
B
N2,000
C
N2,500
D
N3,000
33
On the dissolution of a partnership business,the net book value of the assets is transferred to?
A
debit of realization account
B
credit of realization account
C
credit of bank account
D
debit of bank account
34
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?
A
absorption
B
merger
C
conversion
D
dissolution
35
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?`
A
investment and credit cash
B
investment and credit shares
C
purchases and credit cash
D
purchases and credit shares
36
The main difference between the ordinary and preference shareholders is that?
A
the former receive dividends while the latter do not
B
the latter are not members of the company while the former are
C
in the case of winding up, the former are paid first before the latter
D
the former have voting rights while the latter do not
37
The law that currently regulates the registration of companies in Nigeria is the?
A
Constitution of the Federal Republic of Nigeria, 1999
B
Nigeria Enterprises Promotion Decree, 1972
C
Companies and Allied Matters Decree, 1990
D
Companies Decree, 1968
38
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?
A
N37,500
B
N62,500
C
N87,500
D
N100,000
39
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?
A
creditors
B
debtors
C
stock
D
suspense
40
To account for expenses paid by head office on behalf of the branch, the branch should?
A
debit head office account and credit cash
B
debit profit and loss account and credit headoffice account
C
credit cash and debit profitand loss account
D
credit profit and loss account and debit head office account
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