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JAMB and WAEC Accounts (Principles of Accounts) questions: Partnership accounts

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· 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

  2. Question 22· 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 discussion

  3. Question 23· Partnership accounts· WAEC

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

    Explanation and discussion

  4. Question 24· Partnership accounts· JAMB

    Interest on partners' drawings is

    Explanation and discussion

  5. Question 25· Partnership accounts· JAMB

    A partner's salary is

    Explanation and discussion

  6. Question 26· Partnership accounts· JAMB

    Where there is no partnership agreement, a loan made by a partner to the firm earns interest at

    Explanation and discussion

  7. Question 27· Partnership accounts· WAEC

    Goodwill is

    Explanation and discussion

  8. Question 28· Partnership accounts· JAMB

    When a partnership is dissolved, the assets are closed off through the

    Explanation and discussion

  9. Question 29· Partnership accounts· WAEC

    Interest on partners' capital is

    Explanation and discussion

  10. Question 30· 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

  11. Question 31· Partnership accounts· JAMB

    Partners' current accounts record

    Explanation and discussion

  12. Question 32· Partnership accounts· WAEC

    Goodwill is usually valued in a partnership when

    Explanation and discussion

  13. Question 33· Partnership accounts· WAEC

    Interest on drawings charged to a partner is

    Explanation and discussion

  14. Question 34· Partnership accounts· JAMB

    In the absence of a partnership agreement, profits are shared

    Explanation and discussion

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