2004 - JAMB Accounting Past Questions and Answers - page 4
31
Transfers from the head office to branches are best carried out at?
A
cost price
B
selling price
C
cost plus mark-up
D
market price
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32
On dissolution, the final distribution of cash to partners is based on?
A
patnership agreement
B
Articles os asssociation
C
goodwill
D
capital balances
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33
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
A
N4,000
B
N2,800
C
N1,500
D
300
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34
What is Kunle's share of the profit?
A
N600
B
N300
C
N180
D
N120
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35
When a new partner is admitted to a partnership, there is a need to revalue the?
A
capital of the business
B
capital and liabilities of the business
C
assets and capital of the business
D
assets and liabilities of the business
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36
The accounting entry to record the premium on goodwill is to debit?
A
cash and credit old partners' capital
B
goddwill and credit revaluation
C
assets and credit capital
D
capital and credit assets
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37
Debentures can be redeemed out of?
A
existing share capital reserve
B
existing general reserve
C
proceeds from new issue of shares
D
withholding tax
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38
The expenses incurred in promoting a company are?
A
promoters' expenses
B
floating expenses
C
preliminary expenses
D
the borad's expenses
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39
Share premium is an example of?
A
revenue reserve
B
capital reserve
C
general reserve
D
loan capital
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40
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
A
Consolidated Revenue Fund
B
Federation Account
C
Revenue Mobilization Allocation and Fiscal Commission's Account
D
Equalization Fund
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