Question 221· Partnership accounts· JAMB
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JAMB Accounts (Principles of Accounts) questions
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All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19
- Explanation and discussion
Question 222· Partnership accounts· JAMB
Ada and Bola are partners sharing profits and losses in the ratio 3:2. For the year, net profit was ₦250,000. Interest on capital: Ada ₦10,000, Bola ₦6,000. Bola is entitled to a salary of ₦24,000.
What is the residual profit shared in the profit ratio?
Explanation and discussionQuestion 223· Partnership accounts· JAMB
Interest on capital in a partnership is
Explanation and discussionQuestion 224· Partnership accounts· JAMB
A salary paid to a partner is
Explanation and discussionQuestion 225· Partnership accounts· JAMB
Goodwill is best described as the
Explanation and discussionQuestion 226· Partnership accounts· JAMB
Partners X and Y have capitals of ₦200,000 and ₦100,000. Interest on capital at 5% for X is
Explanation and discussionQuestion 227· Partnership accounts· JAMB
Interest on partners' drawings is
Explanation and discussionQuestion 228· Partnership accounts· JAMB
A partner's salary is
Explanation and discussionQuestion 229· Partnership accounts· JAMB
Where there is no partnership agreement, a loan made by a partner to the firm earns interest at
Explanation and discussionQuestion 230· Partnership accounts· JAMB
When a partnership is dissolved, the assets are closed off through the
Explanation and discussionQuestion 231· Partnership accounts· JAMB
Partners' current accounts record
Explanation and discussionQuestion 232· Partnership accounts· JAMB
In the absence of a partnership agreement, profits are shared
Explanation and discussionQuestion 233· Petty cash and the imprest system· JAMB
The totals of the petty cash analysis columns are posted to the
Explanation and discussionQuestion 234· Petty cash and the imprest system· JAMB
A petty cash float of ₦15,000 is kept on the imprest system. During the month ₦3,200 was spent on postage, ₦4,800 on transport and ₦2,500 on cleaning. The reimbursement at the end of the month is
Explanation and discussionQuestion 235· Petty cash and the imprest system· JAMB
The person responsible for the petty cash book is the
Explanation and discussionQuestion 236· Petty cash and the imprest system· JAMB
Under the imprest system, the amount held by the petty cashier at the start of each period is
Explanation and discussionQuestion 237· Petty cash and the imprest system· JAMB
A petty cash imprest of ₦20,000 was kept. At the end of the week ₦5,500 remained. The amount needed to restore the imprest is
Explanation and discussionQuestion 238· Petty cash and the imprest system· JAMB
The petty cash book is a book of
Explanation and discussionQuestion 239· Petty cash and the imprest system· JAMB
The petty cashier receives the float from
Explanation and discussionQuestion 240· Petty cash and the imprest system· JAMB
From an imprest of ₦12,000, payments were stamps ₦2,000, fuel ₦5,500 and cleaning ₦1,500. How much is left?
Explanation and discussion
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