2011 - JAMB Accounting Past Questions & 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
CORRECT OPTION: c
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
CORRECT OPTION: a
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
CORRECT OPTION: a
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
CORRECT OPTION: b
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
CORRECT OPTION: b
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
CORRECT OPTION: d
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?
A
N1 000
B
N2 000
C
N500
D
N3 000
CORRECT OPTION: c
38
The interest on Keme's drawings is calculated as?
A
N200
B
N150
C
N300
D
N100
CORRECT OPTION: a
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
CORRECT OPTION: a
40
Goodwill is determined using?
A
capital contribution
B
number of partnerd admitted
C
the business and customer relations
D
number of active partners
CORRECT OPTION: b
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