Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 571:

• JAMB 2006

Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?

A. N3000
B. N1,360
C. N9060
D. N7700

Question 572:

• JAMB 2006

Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?

A. N200 000
B. N235 000
C. N185 000
D. N225 000

Question 573:

• JAMB 2006

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

A. N4000
B. N6000
C. N10000
D. N8000

Question 574:

• JAMB 2006

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?

A. N563 440
B. N687 940
C. N363 440
D. N524 500

Question 575:

• JAMB 2006

In converting a to a partnership company, the loss on asset revaluation is?

A. Debited to the revaluation account
B. Debited to the profit and loss account
C. Credited to the revaluation account
D. Credited to the profit and loss account