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Use the following information to answer questions 6 to 9.
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit: for the year is N20.000. Interest on capital is 10%.
6. What is Williams’ share of profit?
(A) N12.000 (B) N10,000 (C) N8,000 (D) N5,000
7. What is Jacob’s share of profit?
A. N 10,000 {B) N8.000 (C) N5,000 (D) N4,000
8. If Williams introduces cash of N 10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?
A. N2,000 (B) N1,500 (C) N1,000 (D) N500
9. What is Williams’ interest on capital?
A. N10,000 (B) N7,000 \ (C) Nó,000 (D N4,000
10. ln a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
A. 50,000 (B) 25,000 (C) 20,000 (D) 10,000
11. A partner who has full powers of participating in the conduct of a partnership business is a
A. general partner (B) Limited partner (C) Sleeping partner
D. Nominal partner.
12. The ratio which measures the solvency of a firm is the
A. quick ratio.
B. Gross profit over sales ratio.
C. Stock turnover ratio.
D. Debtors turnover ratio.
13. When goods are purchased on account, the accounting entries are
A.. debit Purchases Account; credit Supplier’s Account.
B. Credit Purchases Account; debit Supplier’s Account.
C. Credit Bank Account, debit Purchases Account.
D. Debit Bank Account, credit Purchases Account.
14. Closing stock was overstated. The effect is that
A. amount of goods available was understated.
B. cost of goods sold was overstated.
C. amount of sales returns was understated
D. gross profit was overstated.
Use the following information to answer questions 15 arid 16.
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of ?1 each at a discount of 5%. The assets of ABC Enterprises are
Stock N18, 000
Debtors N11, 000
15. The purchase consideration was
A. N31, 500 (B) N30, 000 (C) 28, 500 (D) N28, 000
16. Capital reserve was
A. N1, 500 (B) Nl,000 (C) N500 (D) N150
17. The entries necessary for recording profit loading on goods sent to branch are
A. debit Branch Stock Account, credit Brar.ch Stock Adjustment Account.
B. Credit Branch Stock Adjustment Account, debit Goods Sent to Branch Account.
C. Debit Goods sent to Branch Account, credit Branch Stock Account.
D Debit Branch Stock Adjustment Account, credit Branch Stock ‘d
Account.
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