Question 1· Partnership accounts· JAMB
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JAMB Accounts (Principles of Accounts) questions: Partnership accounts
19 questions with answers and explanations. Tap an option to check yourself.
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 2· Partnership accounts· JAMB
When a partner retires, the amount due to him may be transferred to
Explanation and discussionQuestion 3· Partnership accounts· JAMB
When a new partner is admitted, goodwill is valued in order to
Explanation and discussionQuestion 4· Partnership accounts· JAMB
On admission of a new partner, assets are often revalued and the profit or loss is shared among
Explanation and discussionQuestion 5· Partnership accounts· JAMB
Where partners keep fixed capital accounts, their shares of profit are credited to their
Explanation and discussionQuestion 6· 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 Ada's share of the residual profit?
Explanation and discussionQuestion 7· Partnership accounts· JAMB
The realisation account is opened when a partnership is
Explanation and discussionQuestion 8· Partnership accounts· JAMB
A guarantee to a partner of a minimum share of profit means that any shortfall is
Explanation and discussionQuestion 9· 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 10· Partnership accounts· JAMB
Interest on capital in a partnership is
Explanation and discussionQuestion 11· Partnership accounts· JAMB
A salary paid to a partner is
Explanation and discussionQuestion 12· Partnership accounts· JAMB
Goodwill is best described as the
Explanation and discussionQuestion 13· 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 14· Partnership accounts· JAMB
Interest on partners' drawings is
Explanation and discussionQuestion 15· Partnership accounts· JAMB
A partner's salary is
Explanation and discussionQuestion 16· Partnership accounts· JAMB
Where there is no partnership agreement, a loan made by a partner to the firm earns interest at
Explanation and discussionQuestion 17· Partnership accounts· JAMB
When a partnership is dissolved, the assets are closed off through the
Explanation and discussionQuestion 18· Partnership accounts· JAMB
Partners' current accounts record
Explanation and discussionQuestion 19· Partnership accounts· JAMB
In the absence of a partnership agreement, profits are shared
Explanation and discussion
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