Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 46:

• JAMB 2003

Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
What is the capital employed?

A. N44 600
B. N43 052
C. N43 044
D. N38 600

Question 47:

• JAMB 2003

Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
Calculate the value of fixed assets

A. N15 992
B. N18 470
C. N27 000
D. N27 052

Question 48:

• JAMB 2003

Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Calculate the price per unit of closing stock using the periodic weighted average method.

A. N3.20
B. N3.00
C. N2.20
D. N2.00

Question 49:

• JAMB 2003

Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Using the periodic simple average method, the cost per unit is

A. N4.25
B. N3.25
C. N2.25
D. N1.25

Question 50:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account

A. N6 900
B. N6400
C. N5000
D. N4000