Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 966:

• JAMB 2014

If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?

A. #130,000
B. #125,000
C. #80,000
D. #75,000

Question 967:

• JAMB 2014

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
What is the cost price of the goods sent to the branch

A. #600,000
B. #620,000
C. #640,000
D. #700,000

Question 968:

• JAMB 2014

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up

A. #150,000
B. #160,000
C. #170,000
D. #180,000

Question 969:

• JAMB 2014

In the absence of a partnership deed, the act stipulates that

A. An amount should be fixed as salary for partners
B. Interest on partners loan should be 25%
C. Interest should not be allowed on partners drawings
D. Profits and losses should not be shared equally

Question 970:

• JAMB 2014

The profit of a branch is usually credited to the

A. Adjustment account
B. Head office sales
C. Head office goods account
D. Head office current account