Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 21:

• 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

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

What is the balance on its cash account as at 31/1/95

A. #22,800
B. #9,200
C. #800
D. #21,200

Question 22:

• JAMB 2018

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

A. Bonus
B. Good will
C. Premium
D. Commission

Question 23:

• JAMB 2018

	N
Stock at branch 1st January at cost	400
Goods sent to branch at cost	8000
Returns to head office	340
Cash sales	9160
Stock at branch 31st December at cost	720

Use the information below to answer the question.
Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

A. #1870
B. #1530
C. #1640
D. #1820

Question 24:

• JAMB 2018

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Selling price
B. Fixed percentage on cost
C. Cost price
D. Invoice price

Question 25:

• JAMB 2018

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

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