Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 26:

• JAMB 2001

Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?

A. Current asset
B. Current liability
C. Fixed asset
D. Capital

Question 27:

• JAMB 2001

Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?

A. N36,000
B. N34,000
C. N30,000
D. N20,000

Question 28:

• JAMB 2001

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

A. N24,000
B. N22,000
C. N14,000
D. 8,000
E. NO OPTION INDICATED

Question 29:

• JAMB 2001

Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?

A. N500
B. N1,500
C. N2,000
D. N2,500

Question 30:

• JAMB 2001

The excess of income over expenditure is usually transferred to the?

A. Accumulated fund
B. Profit and loss account
C. Current assets in the balance sheet
D. Current liabilities in the balance sheet