2019 - JAMB Accounting Past Questions and Answers - page 6

In the absence of no specific agreement, a loan by a partner attracts interest at 5% interest 

An accumulated fund is the capital fund of a nonprofit organization. Money is directed into the accumulated fund when revenues are greater than expenditures and there is a budgetary surplus. 

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The receipts and payments account summarizes receipts and payments made by a non-trading concern during a particular period of time (usually one year). Its is used to prepare income and expenditure account of non-trading concerns.

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Accumulated fund = Assets - liabilities
= 10,000 + 15,000 + 3500 - 4500 + 3000 + 150
= 28,500 - 7650
= ₦20,850

Payment to creditors  + Creditors at end - Creditors at start 

= 12,250 + 830 - 550
= 13,080 - 550
= ₦12,530

Profit or loss is determined from the difference between the opening and closing capital.
It is a profit if the opening capital is less than closing capital, and a loss if it is the other way round

The manufacturing account is a part of the revenue account of a manufacturing company. The manufacturing account is prepared to determine the cost of the goods manufactured or the amount of profit on the manufacturing processes when the cost of production is taken into consideration