JAMB Accounting Past Questions & Answers - Page 27

131.

Use the information below to answer this question:

i. cash at bank  
ii. cash in hand  
iii. premises  
iv. land  
v. creditors  
vi. loan from friends/bank

What are the current assets?

A.

i and v

B.

i and ii

C.

ii and iv

D.

iii and v

Correct answer is B

No explanation has been provided for this answer.

132.

Use the following information below to answer this question.

Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

Attama's share of profit is

A.

D21,000

B.

D19,428

C.

D12,000

D.

D9,000

Correct answer is C

No explanation has been provided for this answer.

133.

Use the information below to answer this question:


i. cash at bank  
ii. cash in hand  
iii. premises  
iv. land  
v. creditors  
vi. loan from friends/bank

Determine the fixed assets.

A.

iii and iv

B.

i and v

C.

ii and iv

D.

ii and vi

Correct answer is A

No explanation has been provided for this answer.

134.

Use the following information below to answer this question.

Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

The residual profit of the business for the year is

A.

D47,000

B.

D34,000

C.

D22,000

D.

D21,000

Correct answer is A

No explanation has been provided for this answer.