Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 16:

• JAMB 2007

Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?

A. Credited to Takwa's current acount
B. Debited to goodwill account
C. Share to all the partners' capital account
D. Credited to the old partners' capital account

Question 17:

• JAMB 2007

The amount of subscriptions accrued is reported in the balance sheet under?

A. Fixed asset
B. Long-term liability
C. Current asset
D. Current liability

Question 18:

• JAMB 2007

Use the information above to answer questions
Lighting..................N2925
Rent......................N2640
Salary....................N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The lighting charge to be apportioned to zema is?

A. N891
B. N819
C. N927
D. N975

Question 19:

• JAMB 2007

Use the information above to answer questions
Lighting..................N2925
Rent......................N2640
Salary....................N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
Find the salary charged to Zera product?

A. N1854
B. N1845
C. N1062
D. N1134

Question 20:

• JAMB 2007

The gross profit disclosed in the branch stock adjustment account represents?

A. Head office profit
B. Unrealized profit
C. Estimated profit
D. Branch profit