2012 - JAMB Accounting Past Questions and Answers - page 4
31
In what way can goodwill be written off in a partnership business?
A
Using the partners' profit and loss sharing ratio
B
By neglecting the ratio of partners capital contributions
C
By sharing it unequally among the partners where no agreement exists
D
By sharing it among the active partners only
32
Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are
A
debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
B
credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
C
debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
D
debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000
33
In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are
A
business purchase account and ordinary share capital account
B
Business purchase account, vendor account and ordinary share capital account
C
business purchase account and vendor account
D
ordinary share capital account, vendor account and unpaid share capital account
34
Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents
From the above, which of the following is delivered to the Registrar of companies for incorporation
A
1 and 11
B
1, 11 and 111
C
1 and 111
D
11 and 111
35
When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit
A
application and allotment account and credit unsubscribed shares
B
application and allotment account and credit cash
C
oversubscribed shares and credit allotment account
D
oversubscribed shares and credit allotment account
36
Investment at cost of a company is to be disclosed under
A
trading accounts
B
profit and loss account
C
balance sheet
D
source and application of fund
37
Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840
Calculate the acid test ration
A
1:94:1
B
1:96:1
C
1:1:94
D
1:1:96
38
Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840
Determine the number of times stock was turned over during the period to the nearest figure
A
1
B
2
C
3
D
4
39
Which of the following is a source of revenue to the federation account?
A
Market fees
B
Bicycle licences
C
Tarrifs
D
Property rates
40
The book into which all types of a ministry's expenditure are recorded is the
A
ledger book
B
payment book
C
vote book
D
expenditure book
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