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"Patnership" question number distribution across years
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WAEC questions for "Financial Accounting :: Patnership"
Q1

In the absence of an agreement, partners share profits

A

based on activeness of a partner

B

based on capital contribution

C

on patronage basis

D

on equal basis

E

Answer: D

Patnership
Q2

Which of the following is debited to partner's current account?

A

Capital

B

Interest on capital

C

Drawings

D

Share of profit

E

Answer: C

Patnership
Q3

In a partnership business, the net profit serves as opening figure for

A

trading account

B

profit and loss account

C

current account

D

appropriation account

E

Answer: D

Patnership
Q4

Which of the following is not found in a partnership balance sheet?

A

Capital

B

Drawings

C

Creditors

D

Bank balance

E

Answer: B

Patnership
Q5

Which of the following information is not a debit item in partners appropriation account?

A

Interest on capital

B

Salary

C

Share of profit

D

Share of loss

E

Answer: D

Patnership
Q6

In the absence of partnership agreement, profits and losses are shared

A

in the ratio of capitals

B

equally

C

in the ratio ratio of drawings

D

according to services rendered

E

Answer: B

Patnership
Q7

Which of the following is credited to a partnership appropriation accounts?

A

Interest on capital

B

Interest on drawings

C

Partner's salaries

D

Partners drawings

E

Answer: B

Patnership
Q8

In the absence of partnership agreement, a loan by a partner attracts interest at

A

20 %

B

15 %

C

10 %

D

5 %

E

Answer: D

Patnership
Q9

Use the following information to answer question 43

Year Profit
2003 Le 40,000
2004 Le 48,000
2005 Le 62,000
The value of goodwill calculated at 3 years purchase of annual profit is

A

Le 450,000

B

Le 150,000

C

Le 50,000

D

Le 48,000

E

Answer: C

Patnership
Q10

The double entry in the books to write off goodwill is

A

debit Goodwill Account, credit Capital Account

B

debit Goodwill Account, credit Revaluation Account

C

debit Profit and Loss Appropriation Account, Goodwill Account

D

debit Trading Account, credit Goodwill Account

E

Answer: C

Patnership
Q11

Which of the following is not a debit item in a partnership appropriation account?

A

interest on drawings

B

partner's salary

C

interest on partner's capital

D

share of profit

E

Answer: A

Patnership
Q12

The amount of distributable profit is

A

₦39,500

B

₦30,500

C

₦30,000

D

₦20,000

E

Answer: D

Patnership
Q13

Bola's current account balance is

A

₦18,150 Cr

B

₦16,150 Cr

C

₦10,150 Cr

D

₦6,150 Cr

E

Answer: B

Patnership
Q14

Ade's share of the profit is

A

₦19,750

B

₦15,250

C

₦15,000

D

₦10,250

E

Answer: D

Patnership
Q15

The total amount credited to the Profit and Loss Appropriation Account is

A

₦40,500

B

₦30,500

C

₦30,000

D

₦25,000

E

Answer: B

Patnership
Q16

Which of the following is not an appropriate of profit?

A

Dividends

B

Reserves

C

Provisions

D

Bonus issue

E

Answer: C

Patnership
Q17

Which of the following is not a debit item in the partnership profit and loss appropriation account?

A

Interest on partners drawings

B

Partners salaries

C

Interest on partners capital

D

Share of profit

E

Answer: A

Patnership
Q18

When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

A

Debit Profit and Loss Appropriation, credit Current Account

B

Debit Profit and Loss Application Account, credit Capital Account

C

Debit Current Account, credit Capital Account

D

Debit Profit and Loss Account, credit Current Account

E

Answer: C

Patnership
Q19

Goodwill is taken into account in partnership when

A

the business has good customer relations

B

the business is making huge profits

C

a new partner is admitted

D

a partner becomes adamant

E

Answer: C

Patnership
Q20

Which of the following documents sets out the internal regulations of a partnership?

A

Law

B

Deed

C

Regulation

D

Code

E

Answer: B

Patnership
Q21

The divisible profit for the year is

A

₦31,600

B

₦31,400

C

₦30,000

D

₦28,600

E

Answer: D

Patnership
Q22

Ojo's share of profit is

A

₦21,067

B

₦20,933

C

₦20,000

D

₦19,067

E

Answer: D

Patnership
Q23

Aina's Current Account balance is

A

₦9,933

B

₦9,533

C

₦6,600

D

₦3,933

E

Answer: D

Patnership
Q24

Which of the following is a real account item?

A

Goodwill

B

Fixtures

C

Debtors

D

Interest

E

Answer: B

Patnership
Q25

Partner's interest on capital is shown in the

A

Profit and Loss Account

B

Partners Fixed Capital Account

C

Profit and Loss Appropriation Account

D

Trading Account

E

Answer: C

Patnership
Q26

The interest on Tunde's capital is

A

₦10,000

B

₦5,000

C

₦4,000

D

₦1,500

E

Answer: B

Patnership
Q27

The share of profit of each partner is

A

₦20,000

B

₦10,500

C

₦5,000

D

₦4,000

E

Answer: B

Patnership
Q28

Tunde's Current Account balance on 31st december, 2000

A

₦30,000

B

₦25,500

C

₦25,000

D

₦10,000

E

Answer: A

Patnership
Q29

Baba's Current Account balance on 31st december, 2000 is

A

₦35,500

B

₦25,000

C

₦21,000

D

₦20,000

E

Answer: A

Patnership
Q30

What is Baba's share of the profit?

A

₦1,650,000

B

₦1,600,000

C

₦1,280,000

D

₦1,100,000

E

Answer: D

Patnership
Q31

What is Ali's share of profit?

A

₦1,650,000

B

₦1,600,000

C

₦1,280,000

D

₦1,100,000

E

Answer: A

Patnership
Q32

What is the closing balance in Ali's Current account?

A

₦1,600,000 Cr

B

₦500,000 Cr

C

₦500,000 Dr

D

₦1,600,000 Dr

E

Answer: B

Patnership
Q33

An agreement made by partners to regulate and govern their business activities is known as

A

Partnership Act

B

Partnership Deed

C

Partnership Code

D

Memorandum

E

Answer: B

Patnership
Q34

What is william's share of the profit?

A

₦12,000

B

₦10,000

C

₦8,000

D

₦5,000

E

Answer: B

Patnership
Q35

What is Jacob's share of the profit?

A

₦10,000

B

₦8,000

C

₦5,000

D

₦4,000

E

Answer: A

Patnership
Q36

If williams introduces cash of₦10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?

A

₦2,000

B

₦1,500

C

₦1,000

D

₦500

E

Answer: D

Patnership
Q37

What is william's interest on capital?

A

₦10,000

B

₦7,000

C

₦6,000

D

₦4,000

E

Answer: C

Patnership
Q38

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

E

Answer: A

Patnership
Q39

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

E

Answer: A

Patnership
Q40

What is Chike\'s share of profit from the partnership for the year ended 31/3/99 ?

A

₦8,500

B

₦7,000

C

₦5,500

D

₦4,500

E

Answer: D

Patnership
Q41

what is Balla's Current Account Balance as at 31/3/99?

A

₦11,000

B

₦7,000

C

₦5,500

D

₦4,500

E

Answer: B

Patnership
Q42

Their profit sharing

A

1:8:1

B

1:5:1

C

1:25:1

D

1:1

E

Answer: A

Patnership
Q43

Partners' salary shown in the

A

Trading Account

B

Profit and Loss Account

C

Income and Expenditure

D

Profit and Loss Appropriation Account

E

Partners' Capital Account

Answer: D

Patnership
Q44

Which of the following cannot be realized?

A

debtors

B

creditors

C

fixtures

D

goodwill

E

motor vehicles

Answer: D

Patnership
Q45

Interest in partner's drawing is credited to

A

Capital Account

B

Drawings Account

C

Current Account

D

Profit and Loss Account

E

Appropriation Account

Answer: E

Patnership
Q46

An example of appropriation of profit in a company is

A

Salaries

B

Rent income

C

Debenture interest

D

Director's renumeration

E

Dividend

Answer: E

Patnership
Q47

In a partnership, goodwill is recognised when

A

a new partner is admitted

B

a partner is dormant

C

the business is making huge profit

D

the business has good customer relation

E

it is a limited partnership

Answer: A

Patnership
Q48

The amount of goodwill was

A

₦4,000

B

₦3,000

C

₦2,000

D

₦1,600

E

₦1,000

Answer: E

Patnership
Q49

Which of the following is not an appropriation account item for a company?

A

Interest on drawings

B

proposed dividends

C

interim dividends

D

provision for taxation

E

general reserve

Answer: A

Patnership
Q50

The cash realised from the sale of assets on dissolution of partnership is

A

debited to Cash account and credited to Asset account

B

credited to Cash Account and debited to Asset Account

C

debited to Cash account and credited to Realisation account

D

credited to Cash Account and debited to Realisation Account

E

debited to Realisation Account and credited to Asset Account

Answer: C

Patnership
Q51

The interest on Halima's capital is

A

₦10,000

B

₦5,000

C

₦4,000

D

₦2,000

E

₦1,000

Answer: A

Patnership
Q52

The share of profit of each partner is

A

₦17,000

B

₦15,000

C

₦10,750

D

₦10,000

E

₦9,500

Answer: E

Patnership
Q53

The balance on Halima's current account on 31st December, 1992

A

₦66,500

B

₦53,300

C

₦51,000

D

₦43,500

E

₦33,500

Answer: D

Patnership
Q54

The balance on Ibinabo's Current Account on 31st December, 1992 is

A

₦66,500

B

₦53,500

C

₦51,500

D

₦43,500

E

₦33,500

Answer: C

Patnership
Q55

Where there is no partnership agreement, any contribution in excess of the agreed capital attracts

A

no interest at all

B

interest at the rate 2 ()% per annum.

C

interest at the rate of 5 % per annum

D

interest at the rate of 7 ()% per annum

E

interest at the rate of 10 ()% per annum

Answer: C

Patnership
Q56

Which of the following is a current assets item?

A

Goodwill

B

Bank overdraft

C

Preliminary expenses

D

Prepayments

E

Outstanding expenses

Answer: D

Patnership
Q57

Which of the following is treared under Partnership Appropriation Account?

A

Interest on loan

B

Salary of workers

C

Electricity

D

Salary of partner

E

Travelling expenses of partner

Answer: D

Patnership
Q58

Which of the following is not true of a partnership business without written agreement?

A

Profit and Losses will be shared equally

B

Interest not to be paid on capital

C

Interest on drawings is to be at the rate of 5 % per annum

D

Salaries are not allowed to partners

E

Money in excess of capital agreed to subscribe is to attract an interest of 5 % per annum

Answer: C

Patnership
Q59

Goodwill is

A

a Current asset

B

a Current liability

C

a long term liability

D

a fictitious asset

E

an intangible asset

Answer: E

Patnership
Q60

The interest on John's capital is

A

₦3,000

B

₦2,000

C

₦1,500

D

₦1,000

E

₦500

Answer: E

Patnership