Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 36:

• JAMB 2005

The movement of goods from head office to a branch is treated in the in the head office accounts as?

A. Sales
B. Issue
C. Purchase
D. Requisition

Question 37:

• JAMB 2005

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

A. Debtors' account
B. Trading account
C. Expenses account
D. Cash account

Question 38:

• JAMB 2005

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

A. Debit entry
B. Credit entry
C. Contra entry
D. Reversal entry

Question 39:

• JAMB 2005

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

A. Partners' salaries
B. Interest on capital
C. Partners' drawings
D. Interest on loans

Question 40:

• JAMB 2005

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?

A. N12 000
B. N10 000
C. N8 000
D. N7 000