Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 36:

• JAMB 2006

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?

A. N563 440
B. N687 940
C. N363 440
D. N524 500

Question 37:

• JAMB 2006

In converting a to a partnership company, the loss on asset revaluation is?

A. Debited to the revaluation account
B. Debited to the profit and loss account
C. Credited to the revaluation account
D. Credited to the profit and loss account

Question 38:

• JAMB 2006

Determine the opening cash balance of the club?

A. N3 070
B. N2 220
C. N5 710
D. N4 320

Question 39:

• JAMB 2006

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?

A. N35 000
B. N211 000
C. N5 000
D. N10 000

Question 40:

• JAMB 2006

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be

A. N200 000
B. N240 000
C. N300 000
D. N24 000