AdmitMe
All subjects

WAEC Accounts (Principles of Accounts) questions: Partnership accounts

15 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Partnership accounts· WAEC

    A partnership deed normally states

    Explanation and discussion

  2. Question 2· Partnership accounts· WAEC

    Goodwill arises when a business is worth more than its

    Explanation and discussion

  3. Question 3· Partnership accounts· WAEC

    A partner's current account records

    Explanation and discussion

  4. Question 4· Partnership accounts· WAEC

    Where there is no partnership agreement, profits and losses are shared

    Explanation and discussion

  5. Question 5· Partnership accounts· WAEC

    Fluctuating capital accounts mean that

    Explanation and discussion

  6. Question 6· Partnership accounts· WAEC

    Partner A has a salary of ₦6,000 and interest on capital of ₦2,000, and drew ₦5,000. His current account opens with nil. Ignoring his share of the remaining profit, the closing balance is

    Explanation and discussion

  7. Question 7· Partnership accounts· WAEC

    Interest on a partner's drawings is

    Explanation and discussion

  8. Question 8· Partnership accounts· WAEC

    Where there is no partnership agreement, interest on partners' capital is

    Explanation and discussion

  9. Question 9· Partnership accounts· WAEC

    A and B share profits 3:2. Net profit after interest and salaries is ₦50,000. A's share is

    Explanation and discussion

  10. Question 10· Partnership accounts· WAEC

    A and B share profits 3:2. Profit is ₦50,000. A's share is

    Explanation and discussion

  11. Question 11· Partnership accounts· WAEC

    Goodwill is

    Explanation and discussion

  12. Question 12· Partnership accounts· WAEC

    Interest on partners' capital is

    Explanation and discussion

  13. Question 13· Partnership accounts· WAEC

    A and B share profits 2 : 1 after interest on capital of ₦20,000 to A and ₦10,000 to B. Net profit is ₦180,000. Find A's total share.

    Explanation and discussion

  14. Question 14· Partnership accounts· WAEC

    Goodwill is usually valued in a partnership when

    Explanation and discussion

  15. Question 15· Partnership accounts· WAEC

    Interest on drawings charged to a partner is

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test