Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 26:

• JAMB 2006

Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?

A. N6600
B. N6271
C. N5353
D. N7224

Question 27:

• JAMB 2006

Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Find the total expenses allocated to the stationary department?

A. N3600
B. N1400
C. N4400
D. N3800

Question 28:

• JAMB 2006

Stock 1/1/2002..................................N40 000
Goods received from head office.................N800 000
Goods returned to head office...................N34 000
Sales...........................................N916000
Stock 31/12/2000................................N72 000
From the data above determine the cost of goods credited to the head office trading account.

A. N766 000
B. N840 000
C. N734 000
D. N806 000

Question 29:

• JAMB 2006

Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?

A. N5050
B. N7250
C. N2750
D. N5500

Question 30:

• JAMB 2006

Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?

A. Profit and loss appropriation account
B. Goodwill account
C. Profit and loss account
D. Trading account