Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 601:

• JAMB 2007

Given:
Shaku Company Ltd.
Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000
Determine the working capital?

A. N7380 000
B. N8480 000
C. N5480 000
D. N6480 000

Question 602:

• JAMB 2007

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

A. A cash acount
B. A balance sheet
C. An income account
D. An expenses account

Question 603:

• JAMB 2007

Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?

A. Credited to Takwa's current acount
B. Debited to goodwill account
C. Share to all the partners' capital account
D. Credited to the old partners' capital account

Question 604:

• JAMB 2007

The amount of subscriptions accrued is reported in the balance sheet under?

A. Fixed asset
B. Long-term liability
C. Current asset
D. Current liability

Question 605:

• JAMB 2007

Use the information above to answer questions
Lighting..................N2925
Rent......................N2640
Salary....................N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The lighting charge to be apportioned to zema is?

A. N891
B. N819
C. N927
D. N975