JAMB Past Questions and Answers - Page 944

4,718.

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A.

Borne by all the partners

B.

Borne by the insolvent partner

C.

Written off

D.

Borne by the solvent partners

Correct answer is A

No explanation has been provided for this answer.

4,719.

Accumulated fund on 1st January 1993 is

A.

N8,570

B.

N8,470

C.

N850

D.

N7,520

Correct answer is D

No explanation has been provided for this answer.

4,720.

An income and expenditure account is a summary of

A.

All income and expenditure during a period

B.

Revenue income and expenditure during a period

C.

Receipts and payments during a period

D.

The trading income a period

Correct answer is B

No explanation has been provided for this answer.