Jamb Accounts - Principles of Accounts 2012 Past Questions and Answers

Question 26:

• JAMB 2012

The excess revenue over expenditure is charged to

A. Profit and loss
B. Revenue account
C. Accumulated fund
D. Income and expenditure acccount

Question 27:

• JAMB 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital

A. #10,000
B. #42,000
C. #45,000
D. #52,000

Question 28:

• JAMB 2012

In the head office ledger, the value of goods sent to the branch are

A. Debited to the head office current account
B. Debited to the branch current account
C. Credited to the head office current account
D. Credited to the branch current account

Question 29:

• JAMB 2012

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Cost price
B. Fixed percentage on cost
C. Selling price
D. Invoice price

Question 30:

• JAMB 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
Find Modibbo's share of the profit

A. #62,000
B. #48,000
C. #44,000
D. #43,000