Accounts Principles Of Accounts Jamb Past Questions and Answers

Question 56 :

• JAMB 1995

The starting point for the production of accounts from incomplete records is to

A. Ascertain the total sales
B. Compute the opening stock of goods sold
C. Verify the total purchase
D. Prepare an opening statement of affairs

Question 57 :

• JAMB 1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price

A. N3,860
B. N3,806
C. N3,680
D. N3,086

Question 58 :

• JAMB 1995

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is

A. N5,750
B. N5,650
C. N3,200
D. N2,300

Question 59 :

• JAMB 1995

Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost

A. N296,000
B. N277,000
C. N258,000
D. N246,000

Question 60 :

• JAMB 1995

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

A. N509,600
B. N482,600
C. N428,600
D. N418,400