Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 31:

• JAMB 2015

Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014

A. 17,500
B. 38,200
C. 20,700
D. 27,200

Question 32:

• JAMB 2015

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
.

A. Equally
B. In accordance with an established
C. In proportion of current account balances
D. In proportion of weighted average of capital

Question 33:

• JAMB 2015

Use the information below to answer this question.
A business has three departments x, y and z
You are given the following information
Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres
X N60,000 80
Y N80,000 60
Z N100,000 60
How much rent is apportioned to department Z?

A. N1, 500
B. N3, 000
C. N1, 800
D. N2, 000

Question 34:

• JAMB 2015

A sales for N2,570 was recorded in the sales day book as N2750. The error committed was

A. Error of principle
B. Error of commission
C. Error of original entry
D. Compensating error

Question 35:

• JAMB 2015

Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.

A. 27,150
B. 43,350
C. 16,200
D. 34,350