Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 11:

• JAMB 2018

Use the information below to answer the question

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

If at 31/1/95 the following information was ascertained

(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

A. #40,000
B. #41,500
C. #41,700
D. 48,500

Question 12:

• JAMB 2018

In the head office ledger, the value of goods sent to the branch are____________

A. Debited to the branch current account
B. Debited to the head office current account
C. Credited to the head office current account
D. Credited to the branch current account

Question 13:

• JAMB 2018

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

A. Cash account
B. Purchase account
C. Goodwill account
D. Sales account

Question 14:

• JAMB 2018

Gross profit in the branch adjustment account is transferred to the branch____________

A. Income and expenditure account
B. Profit and loss account
C. Receipt and payment account
D. Trading account

Question 15:

• JAMB 2018

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

A. 1 : 1
B. 3 : 6
C. 2 : 1
D. 2 : 6