Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 26:

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?

A. N63m
B. N133m
C. N36m
D. N28m

Question 27:

• JAMB 2007

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250
The drawings for the period stand at?

A. N2570
B. N3750
C. N2500
D. N2570

Question 28:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

A. N15 100 profit
B. N15 100 loss
C. N11 500 profit
D. N11 500 loss

Question 29:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?

A. N900
B. N900 000
C. N90 000
D. N9 000

Question 30:

• JAMB 2007

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?

A. I, ii and iii
B. I and iii
C. Ii and iii
D. I and ii