2011 - JAMB Accounting Past Questions and Answers - page 4
31
The transactions relating to liquidation in partnership account is drawn by using?
A
current account
B
cash account
C
capital account
D
realization account
32
The cost method of charging goods to branch is used where?
A
branch stock adjustment account is in use
B
the retention of branch trading account is in addition to the cost of goods sold
C
goods are sent without invoice or any source documents
D
goods are of a perishable nature on which a pre-determined price is inapplicable
33
The correct entries to record goods transferred to branch from head office is to debit?
A
branch stock account and credit goods sent to branch account
B
branch supplies account and credit branch stock account
C
branch stock account and credit purchases account
D
goods sent to branch account and credit branch stock account
34
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
A
branch supplies and branch receipts
B
branch stock account and goods sent to branch accounts
C
goods sent to brannch account and branch receipt account
D
goods sent to branch accounts and branch supplies
35
Goods invoiced to a branch can be sent using?
A
cost price, selling price and fixed percentage on selling price
B
cost price, selling price and fixed percentage on cost price
C
cost priceand fixed percentage on cost price
D
cost price and fixed percentage on selling price
36
The major point of agreement carried by the partnership deed is?
A
5% interest annum on any loan
B
an oral agreement among the partners
C
method of inhertance by the partners' children
D
the profit and loss sharing ratio of the partners
37
Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?
A
N1 000
B
N2 000
C
N500
D
N3 000
38
The interest on Keme's drawings is calculated as?
A
N200
B
N150
C
N300
D
N100
39
Which of the following can be used on admission of a new partnership?
A
Revaluation account
B
Profit account
C
Capital account
D
Trading account
40
Goodwill is determined using?
A
capital contribution
B
number of partnerd admitted
C
the business and customer relations
D
number of active partners
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