2023 - JAMB Accounting Past Questions and Answers - page 1
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December 2018.
| Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital: | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
Segun's share of profit is ___?
₦12,000
₦21,400
₦14,600
₦16,400
Interest on capital @ 5%
- Dairo = 5% x 120,000
= ₦6,000
- Segun = 5% x 60,000
=₦3,000
Interest on drawings @ 10%
- Dairo = 10% x 12,0000
= ₦1200
- Segun = 10% x 18,000
= ₦1800
Segun's Salary = ₦10,000
Segun's share of profit = (Net profit + int on drawings) - ( int on capital + segun salary )
= (36000 + 1200 + 1800) - ( 6000 + 3000 + 10000)
= 39000 - 19000
= 20,000
Total ratio = 2 + 3 = 5
Hence, Segun's share of profit = 3/5 x 20000 = ₦12,000
One of the options below have the same features as the profit and loss account in non-profit organization
Salaries in arrears is treated in the balance sheet as a ___
current asset
current liability
long term liability
fixed asset
Salaries in arrears represent unpaid salaries owed to employees for work already performed but not yet paid. Since these are amounts that the company owes to its employees and is expected to pay in the near future, they are categorized as a current liability on the balance sheet.
An advantage of FIFO method of stock valuation is that
Which of these is the main source document for recording cash paid into bank?
Danladi Bako's Statement of Affairs as at 30/06/17 is as shown in the table below; What is the value of Dalandi Bako's capital?
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
₦60,150
₦78,650
₦50,160
₦60,650
Capital is the difference between total assets and total liabilities.
The authority warrant issued prior to the approval of the appropriate bill at the begining of the year
contigencies
reserved expenditure warrant
annual general warrant
provisional general warrant
A provisional general warrant is an authority issued before the approval of the appropriate bill at the beginning of the year. It allows for spending until the formal approval of the budget or bill, typically in situations where there might be a delay in passing the budget for the year. This provisional warrant enables essential expenditures to continue until the budget is officially approved.
|
₦ |
|
|
Debtors opening |
4000 |
| Debtors closing | 1500 |
|
Cash received from debtors |
8500 |
|
Bad debts written off |
350 |
| Discount allowed | 500 |
| Discount received | 1000 |
What is the amount of sales for the year?
The authority to transfer fund from one head to another within the same organization is called
Goodwill can be introduced when
the business suffers high loss
the business is being expanded
the partnership experience super profit
a new member is admitted
Goodwill can be introduced when a new member is admitted to a partnership. This is because the admission of a new partner can result in changes in the partnership's assets, earning capacity, and overall value. The excess value or premium paid by the new partner when joining the partnership can be recognized as goodwill on the partnership's balance sheet.