Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 6:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Calculate the acid test ratio

A. 5 : 1
B. 6 : 1
C. 6 : 1 : 1
D. 4 : 1

Question 7:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?

A. N699, 000
B. N641, 000
C. N402, 000
D. N605, 000

Question 8:

• JAMB 2015

What will be the number of shares to be issued to a subscriber who applied for 50,000 units.

A. 20,000
B. 18,000
C. 15,000
D. 12,000

Question 9:

• JAMB 2015

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Int.on capital 5% 5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

A. N19, 800
B. N49, 500
C. N48, 000
D. N29, 700

Question 10:

• JAMB 2015

The major distinguishing element between the final account of a partnership and that of a sole trader is the

A. Drawing account
B. Capital account
C. Creditor account
D. Appropriation account