Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 16:

• JAMB 2013

Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital

A. #2,550
B. #2,500
C. #2,350
D. #2,250

Question 17:

• JAMB 2013

What type of stock valuation would a vegetable seller adopt in valuing it's product?

A. LIFO
B. FIFO
C. Simple average
D. Weighted average

Question 18:

• JAMB 2013

The total cash and cheques received from customers in a control account is derived from the

A. Purchases day book
B. Cash book
C. Income and expenditure account
D. Sales journal

Question 19:

• JAMB 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital

A. #5,700
B. #7,700
C. #9,800
D. #14,900

Question 20:

• JAMB 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital

A. #8,700
B. #9,500
C. #9,700
D. #10,700