Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 661:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

A. N20 600
B. N15 200
C. N13 800
D. N11 600

Question 662:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?

A. N19 000
B. N16 000
C. N12 600
D. N10 600

Question 663:

• JAMB 2008

The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?

A. N8 000
B. N10 000
C. N12 000
D. N18 000

Question 664:

• JAMB 2008

Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?

A. N173 000
B. N170 000
C. N160 000
D. N156 000

Question 665:

• JAMB 2008

Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?

A. N597000
B. N579000
C. N576000
D. N5967000