Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 31:

• JAMB 2018

The cost price method is applicable when_____

A. Goods are sold at specific prices
B. Goods are perishable
C. Goods attract different gross profit percentage
D. To disclose gross profit or loss

Question 32:

• 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.
Calculate the cost of goods credited to the head office trading account


A. #7200
B. #7460
C. #7500
D. #7660

Question 33:

• JAMB 2018

In dealing with incomplete record, fixed assets are posted to___________-

A. Profit and loss account as brought forward figure
B. Closing balance sheet as carried forward figure
C. Closing balance sheet as brought forward figure
D. Profit and loss as carried forward figure

Question 34:

• JAMB 2018

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

A. ₦705
B. ₦500
C. ₦1000
D. ₦10000

Question 35:

• JAMB 2018

Which of the following should not be adjusted for in the profit and loss account?

A. Accruals
B. Inventory
C. Subscription
D. Depreciation