Jamb Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 16:

• JAMB 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A. #10,500
B. #13,500
C. #13,890
D. #9,500

Question 17:

• JAMB 2016

An organization which has records of only personal accounts is said to be operating on the basis of

A. Single entry
B. Real accounts
C. Nominal accounts
D. Double entry

Question 18:

• JAMB 2016

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A. #2,400
B. #3,000
C. #9,800
D. #1,400

Question 19:

• JAMB 2016

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.

A. #225,000
B. #236,250
C. #247,500
D. #202,500

Question 20:

• JAMB 2016

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

A. A price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark-up