Jamb Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 36:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?

A. N4 069
B. N1 817
C. N1 440
D. N1 328

Question 37:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?

A. N1 875
B. N1 817
C. N1 626
D. N1 426

Question 38:

• JAMB 2003

The necessary accounts to be opened on the issue of ordinary share capital are?

A. Preference share capital, cash and allotment accounts
B. Bank and ordinary share capital accounts
C. Cash and ordinary share capital accounts
D. Nominal value and ordinary share capital accounts

Question 39:

• JAMB 2003

The amount of each invoiced goods sent to the branch is debited to?

A. Branch expense account and credited to branch debtors' accoount
B. Branch stock account account and credited to the goods sent to branch account
C. Branch debtors' account and credited to branch expense account
D. Goods sent to branch expense account

Question 40:

• JAMB 2003

Gross profit in the branch adjustment account is transferred to the branch?

A. Trading account
B. Receipts and payments account
C. Profit and loss account
D. Income and expenditure account