Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 996:

• JAMB 2015

Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

A. 2 : 3
B. 3 : 2
C. 6 : 5
D. 5 : 6

Question 997:

• JAMB 2015

When the invoice of a customer is overcast, the supplier will send to him a

A. Debit note
B. Cheque
C. Credit note
D. Payment voucher

Question 998:

• JAMB 2015

Using LIFO method of stock valuation, analyze the issue quantities and their prices

A. 260 units at N1.50
B. 700 units at N1.50
C. 200 units at N1.50 and 500 units at N1.00
D. 350 units at N1.50 and 350 units at N1.00

Question 999:

• JAMB 2015

CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

A. N9, N1740; N120
B. N90, N990
C. N90, N870; N120
D. N80, N750

Question 1000:

• JAMB 2015

The ledger entries to be made if cash sales is banked is debit

A. Cash, credit sales
B. Sales, credit cash
C. Bank, credit cash
D. Bank, credit sales