Commerce 2019 Jamb Examination
Question 1
A partnership may be automatically dissolved due to the following factors except?
Dissolution of partnership refers to the termination of a partnership, thereby bringing the partnership to an end. Partnerships automatically dissolve if any partner dies or becomes bankrupt unless otherwise agreed.Â
The partnership may automatically be dissolved due to the following reasons:
Due to the death of the partner.Due to the admission of a new partner.
Due to the retirement of a partner.
Due to the bankruptcy of a partner.
Due to the expiry of the partnership period, if the partnership is for a particular period.
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Question 2
Sole proprietorship often suffers from lack of specialization because the owner handles multiple roles. Correct option is C.
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Question 3
In the formation of a united liability company, the following documents are prepared except?
A prospectus is a document used by public companies to invite the public to purchase shares or debentures. It outlines the company's details, financial information, and investment opportunities. While it is crucial for publicly listed companies, private companies like united liability companies (also known as limited liability companies) do not typically issue prospectuses as they are not seeking public investment through a stock exchange.
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Question 4
Liquidation is the process of bringing a company to an end. Correct option is B.
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Question 5
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
Current assets = Debtors + Stock + Bank = 100 + 1000 + 500 = 1600. Correct option is A.
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Question 6
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Fixed assets
Fixed assets are long-term tangible resources like furniture and equipment. Furniture = 2000, Equipment = 2900. Therefore, total fixed assets = 2000 + 2900 = 4900.
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Question 7
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Current liabilities
\[ \text{Capital + Liabilities} = \text{Assets}\]
\[ \text{Capital} = 5000 + 1000 = 6000\]
\[ \text{Fixed Assets} = 2000 + 2900 = 4900\]
\[ \text{Current Assets} = 100 + 1000 + 500 = 1600\]
\[ \text{Total Assets} = 4900 + 1600 = 6500\]
\[ 6000 + \text{Liabilities} = 6500\]
\[ \text{Liabilities} = 6500 - 6000 = 500\]
\[ \boxed{\text{Current Liabilities = \text{₦}500}}\] Â
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Question 8
Consideration is the value exchanged between parties in a contract; it is what each side gives to make the agreement binding.
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Question 9
The Corporate Affairs Commission (CAC) is the official body responsible for registering businesses in Nigeria as required by law.
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Question 10
Family doctors provide direct personal services, while customs officers, civil servants, and lawmakers render indirect services to the public.
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