The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is #12,000. Find Modibbo's share of the profit

• A. #62,000
• B. #48,000
• C. #44,000
• D. #43,000

Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Determine the number of times stock was turned over during the period to the nearest figure

• A. 1
• B. 2
• C. 3
• D. 4

The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is #12,000. What is Jakata's sharing profit?

• A. 3:5
• B. 1:2
• C. 2:5
• D. 1:5

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

• A. application and allotment account and credit unsubscribed shares
• B. application and allotment account and credit cash
• C. oversubscribed shares and credit allotment account
• D. oversubscribed shares and credit allotment account

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. In the book of Ibrahim, the entry to record the transaction would be to debit

• A. sugar account #12,000 and credit Jide #12,000
• B. Jide #12,000 and credit sales account #12,000
• C. Ibrahim #12,000 and credit Jide #12,000
• D. sugar account #12,000 and credit Ibrahim #12,000

In what way can goodwill be written off in a partnership business?

• A. Using the partners' profit and loss sharing ratio
• B. By neglecting the ratio of partners capital contributions
• C. By sharing it unequally among the partners where no agreement exists
• D. By sharing it among the active partners only

An accountant must not only be interested in record keeping but also in

• A. the application of professional competency
• B. the accuracy of postings
• C. the casting of financial figures
• D. effective preparation of balance sheet

In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

• A. business purchase account and ordinary share capital account
• B. Business purchase account, vendor account and ordinary share capital account
• C. business purchase account and vendor account
• D. ordinary share capital account, vendor account and unpaid share capital account

The main advantage of a departmental account is that its

• A. expenses are shared
• B. gross profit is computed
• C. net profit is computed
• D. balance sheet is obtained

Which of the following is a source of revenue to the federation account?

• A. Market fees
• B. Bicycle licences
• C. Tarrifs
• D. Property rates