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Jamb Accounts - Principles of Accounts Past QuestionsQuestion 901:Given: Opening capital - #1,500 Capital introduced - # 500 Profit for the year - # 800 Cash drawings - # 250 Calculate the closing capital A. #2,550 B. #2,500 C. #2,350 D. #2,250 Question 902:What type of stock valuation would a vegetable seller adopt in valuing it's product? A. LIFO B. FIFO C. Simple average D. Weighted average Question 903:The total cash and cheques received from customers in a control account is derived from the A. Purchases day book B. Cash book C. Income and expenditure account D. Sales journal Question 904:1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Find the opening capital A. #5,700 B. #7,700 C. #9,800 D. #14,900 Question 905:1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Calculate the closing capital A. #8,700 B. #9,500 C. #9,700 D. #10,700 |
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