Jamb Accounts - Principles of Accounts 2021 Past Questions and Answers

Question 31:

• JAMB 2021

The excess of income over expenditure is usually transferred to the

A. Current assets in the balance sheet
B. Profit and loss account
C. Accumulated fund
D. Current liabilities in the balance sheet

Question 32:

• JAMB 2021

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

A. Carriage inwards
B. Carriage outwards
C. Discount received
D. Returns outwards

Question 33:

• JAMB 2021

Given:
₦
Total debtors b/d 31/12/99 25,000
Cheques received from debtors 255,000
Total debtors c/d 31/12/00 15,000
Calculate the sales figure

A. ₦245,000
B. ₦215,000
C. ₦295,000
D. ₦265,000

Question 34:

• JAMB 2021

Use the information below to answer the question.
Phebe Enterprises has two departments S and T, with the following information

S ₦Opening stock 5,000Purchases 26,000Closing stock 7,000Sales 45,000

T₦1,500 3,0002,5004,000

The following expenses are to be shared in the ratio of 4:1
Rent ₦8,300
General expenses ₦3,200
Determine the company's gross profit for the year

A. ₦23,000
B. ₦11,500
C. ₦12,500
D. ₦20,000

Question 35:

• JAMB 2021

Use the information below to answer the question.
Phebe Enterprises has two departments S and T, with the following information

S ₦Opening stock 5,000Purchases 26,000Closing stock 7,000Sales 45,000

T₦1,500 3,0002,5004,000

The following expenses are to be shared in the ratio of 4:1
Rent ₦8,300
General expenses ₦3,200
What is the net profit (or loss) contributed by department T

A. ₦2000
B. ₦300
C. (₦2000)
D. (₦300)