JAMB Principles Of Accounts Past Questions, Answers & Explanations - Accounts - Principles of Accounts

Jamb Accounts - Principles of Accounts Questions

Question 171:

JAMB 1998

Which of the following indicate that a partnership business is in place?
(i) There is a business
(ii)It is run commonly by partners
(iii)It has profit-making in view
(iv) Partners' liability is limited

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A I and ii only
B I, ii and iii only
C I, iii and iv only
D Ii, iii and iv only

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Question 172:

JAMB 1998

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

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A Their current fair market values
B Their historical costs when first use
C Their historical costs when first purchase by each new partner
D The highest values practical so that future income tax deductions are maximized

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Question 173:

JAMB 1998

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

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