Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 36:

• JAMB 2013

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

A. Net income
B. Revenue reserve
C. Capital reserve
D. Net loss

Question 37:

• JAMB 2013

When shares are issued at a discount, entries are to debit

A. Application allotment account and credit discount accoun
B. Discount account and credit
C. Cash account and credit discount account
D. Discount account and credit bank account

Question 38:

• JAMB 2013

When there is no basis of apportionment in an organization, the expenses should be apportioned based on

A. Sales
B. Purchases
C. Equality
D. Floor space

Question 39:

• JAMB 2013

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is

A. #23,500
B. #60,500
C. #60,700
D. #82,500

Question 40:

• JAMB 2013

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
What is the net profit of Y?

A. #52,000
B. #68,300
C. #68,800
D. #69,300