Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 26:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?

A. N54 600
B. N56 000
C. N57 400
D. 59 500

Question 27:

• JAMB 2003

A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?

A. N10 000
B. N15 000
C. N18 000
D. N20 000

Question 28:

• JAMB 2003

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A. Suspense account
B. Statement of affairs
C. Realization account
D. Trial balance

Question 29:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?

A. N260 000
B. N233 000
C. N155 000
D. N100 000

Question 30:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?

A. N300 000
B. N293 000
C. N193 000
D. N133 000