Current Account – NBC Institute

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

Question

How much will be the balance on Emeka’s current account after adjusting for his share of profit, salary, and drawings?

A. N272,800
B. N302,400
C. N327,800
D. N352,800
E. N372,800

Answer

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Tags: Current Account, Partner’s Drawings, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

Question

What is the value of the item in the Current Account marked “X”?
A. ₦8,700
B. ₦13,060
C. ₦15,700
D. ₦16,000
E. ₦17,400

Answer

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Tags: Accounting Entries, Corrections, Current Account, Partnership
Level: Level 1

Topic: Correction of errors
Series: MAY 2014

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

Question

What is the correct balance carried forward in the current account of the partners as recorded by the inexperienced bookkeeper?
A. A debit balance of ₦3,060
B. A debit balance of ₦13,060
C. A credit balance of ₦13,060
D. A debit balance of ₦14,140
E. A credit balance of ₦14,140

Answer

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Tags: Balance Calculation, Bookkeeping, Current Account, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

Question

In which of the following situations is partners’ current accounts NOT required?
A. First year of the partnership business
B. Dissolution of partnership
C. Change in partners’ profit sharing ratio
D. Admission of a partner
E. Retirement of a partner

Answer

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Tags: Current Account, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2021

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

Question

What is the balance in Ora’s current account at the end of the reporting period?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)
- Drawings: Obi N20,000, Ora N30,000
- Salaries: Obi N28,000, Ora N24,000

A. N79,000
B. N82,000
C. N101,000
D. N115,000
E. N163,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Partnership Accounts, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

Question

How much will be the balance on Emeka’s current account after adjusting for his share of profit, salary, and drawings?

A. N272,800
B. N302,400
C. N327,800
D. N352,800
E. N372,800

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Partner’s Drawings, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

Question

What is the value of the item in the Current Account marked “X”?
A. ₦8,700
B. ₦13,060
C. ₦15,700
D. ₦16,000
E. ₦17,400

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Corrections, Current Account, Partnership
Level: Level 1

Topic: Correction of errors
Series: MAY 2014

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Balance Calculation, Bookkeeping, Current Account, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2021

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

Question

What is the balance in Ora’s current account at the end of the reporting period?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)
- Drawings: Obi N20,000, Ora N30,000
- Salaries: Obi N28,000, Ora N24,000

A. N79,000
B. N82,000
C. N101,000
D. N115,000
E. N163,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Partnership Accounts, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

Question Tag: Current Account

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FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

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FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

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FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

You're reporting an error for "FA – May 2014 – L1 – SA – Q20 – Correction of errors"

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

You're reporting an error for "FA – May 2014 – L1 – SA – Q19 – Partnership Account"

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

You're reporting an error for "FA – May 2021 – L1 – SA – Q12 – Partnership Accounts"

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts"

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

You're reporting an error for "FA – May 2013 – L1 – SA – Q15 – Partnership Accounts"

FA – May 2014 – L1 – SA – Q20 – Correction of errors

Determines the missing amount in the partner’s current account.

You're reporting an error for "FA – May 2014 – L1 – SA – Q20 – Correction of errors"

FA – May 2014 – L1 – SA – Q19 – Partnership Account

Determines the correct balance for a partner's current account after adjustments.

You're reporting an error for "FA – May 2014 – L1 – SA – Q19 – Partnership Account"

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

You're reporting an error for "FA – May 2021 – L1 – SA – Q12 – Partnership Accounts"

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts"

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