Question 1· Partnership accounts· JAMB
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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.
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
- 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· WAEC
A partnership deed normally states
Explanation and discussionQuestion 4· Partnership accounts· JAMB
When a new partner is admitted, goodwill is valued in order to
Explanation and discussionQuestion 5· Partnership accounts· WAEC
Goodwill arises when a business is worth more than its
Explanation and discussionQuestion 6· Partnership accounts· WAEC
A partner's current account records
Explanation and discussionQuestion 7· Partnership accounts· WAEC
Where there is no partnership agreement, profits and losses are shared
Explanation and discussionQuestion 8· Partnership accounts· WAEC
Fluctuating capital accounts mean that
Explanation and discussionQuestion 9· Partnership accounts· JAMB
On admission of a new partner, assets are often revalued and the profit or loss is shared among
Explanation and discussionQuestion 10· Partnership accounts· JAMB
Where partners keep fixed capital accounts, their shares of profit are credited to their
Explanation and discussionQuestion 11· 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 12· Partnership accounts· JAMB
The realisation account is opened when a partnership is
Explanation and discussionQuestion 13· Partnership accounts· JAMB
A guarantee to a partner of a minimum share of profit means that any shortfall is
Explanation and discussionQuestion 14· 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 discussionQuestion 15· 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 16· Partnership accounts· JAMB
Interest on capital in a partnership is
Explanation and discussionQuestion 17· Partnership accounts· WAEC
Interest on a partner's drawings is
Explanation and discussionQuestion 18· Partnership accounts· WAEC
Where there is no partnership agreement, interest on partners' capital is
Explanation and discussionQuestion 19· Partnership accounts· JAMB
A salary paid to a partner is
Explanation and discussionQuestion 20· Partnership accounts· JAMB
Goodwill is best described as the
Explanation and discussion
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