Departmental Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1999

Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?

A. Debit to goods sent to branch account
B. Debit to branch stock adjustment account
C. Credit to branch adjustment account
D. Credit to branch stock adjustment account

Question 7:

• JAMB 1999

What is the correct entry in the head office books at the point of initial transfer of the goods?

A. Branch stock account would be credited with
B. Branch stock account would be debited with N12,000
C. Goods sent to branch account would be debited with N10,800
D. Goods sent to branch account would be credited with N12,000

Question 8:

• JAMB 2001

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of N150,000 is incurred jointly, what will be the portion attributable to X?

A. N37,500
B. N62,500
C. N87,500
D. N100,000

Question 9:

• JAMB 2001

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

A. Creditors
B. Debtors
C. Stock
D. Suspense

Question 10:

• JAMB 2002

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

A. Carriage outwards
B. Carriage inwards
C. Discounts received
D. Returns outwards