Jamb Accounts - Principles of Accounts Questions
Question 36:
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
Question 37:
The accounting entry to record the premium on goodwill is to debit?
- A Cash and credit old partners' capital
- B Goddwill and credit revaluation
- C Assets and credit capital
- D Capital and credit assets
Question 38:
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
Question 39:
The expenses incurred in promoting a company are?
- A Promoters' expenses
- B Floating expenses
- C Preliminary expenses
- D The borad's expenses
Question 40:
Share premium is an example of?
- A Revenue reserve
- B Capital reserve
- C General reserve
- D Loan capital