JAMB Accounting Past Questions & Answers - Page 201

1,001.

Debentures can be redeemed out of?

A.

Existing share capital reserve

B.

Existing general reserve

C.

Proceeds from new issue of shares

D.

Withholding tax

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,002.

The accounting entry to record the premium on goodwill is to debit?

A.

Cash and credit old partners' capital

B.

Goodwill and credit revaluation

C.

Assets and credit capital

D.

Capital and credit assets

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,003.

When a new partner is admitted to a partnership, there is a need to revalue the?

 

A.

Capital of the business

B.

Capital and liabilities of the business

C.

Assets and capital of the business

D.

Assets and liabilities of the business

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,004.

What is Kunle's share of the profit?

A.

N600

B.

N300

C.

N180

D.

N120

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,005.

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.

The balance of profit and loss account will be?

A.

N4,000

B.

N2,800

C.

N1,500

D.

N300

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.


JAMB Subjects

English Language

Mathematics

Biology

Chemistry

Physics

Agricultural Science

Geography

Government

Economics

History

Fine Arts

Commerce

Music

Physical Education

Further Mathematics

Literature in English

Islamic Religious Knowledge

Christian Religious Knowledge

Office Practice

Marketing

Civic Education

Insurance

Accounting


Aptitude Tests

Verbal Reasoning Questions and Answers

Data Interpretation Questions and Answers

Numerical Reasoning Questions and Answers

Nigeria General Knowledge Questions and Answers

Quantitative Reasoning Questions and Answers

Spatial Reasoning Questions and Answers

Abstract Reasoning Questions and Answers

Situational Judgement Questions and Answers

Personality Test

Typing Speed and Accuracy Test

Microsoft Office Questions and Answers

Puzzles Questions and Answers

Logical Reasoning Questions and Answers

See all →

View latest jobs in Nigeria today