JAMB Accounting Past Questions & Answers - Page 251

Dan and Baker are in partnership with capital of N50,000 and N30,000 each. The partnership agreement provides that:
(i) profits be shared in the ratio of capital. 
(ii) Baker be paid a salary of N8,000.
(iii) both partners earn interest on capital at 6% p.a.
(iv) both partners pay interest on drawing at 6% p.a. 
At the end of the year, Dan drew N15,000 while Baker drew N14,000 in four installment on 31/3,30/6,30/9 and 31/12. The net profit for the year was N48,000. N5,000 is to be written off the Goodwill account.

What is the interest on the drawing by Baker?

The price paid by an acquiring company is the

Which of the following is an intangible asset and a measure of a firm's superior earning power?

Umar and Ahmed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If Abdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?

When forming a partnership, new partners should record non-monetary assets on the new partnership's books at?