Accounts - Principles of Accounts Past Questions and Answers

Which fund is used to meet unforeseen or urgent expenditure ____________

A Special fund
B Contigencies fund
C General reserve fund
D Consolidated reserve fund

Question 1442:

Given:

I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets

Which of these constitutes dissolution of partnership?

A I,II and III only
B I,II and IV only
C II and IV only
D II and III and IV only

Question 1443:

Bello withdraws cash from bank to office, this is called ____________ entry

A Credit
B Contra
C Double
D Debit

Question 1444:

Which of the following is recorded in the folio column of the journal?

A Particulars of transactions
B Date of entries
C All credit and cash sales transactions
D Amount of money posted

Question 1445:

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000

The interest on Dairo's drawings is ____________

A ₦1,600
B ₦1,200
C ₦1,400
D ₦1,800