Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1156:

• JAMB 2018

Use the information below to answer question

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

A. #20,500
B. #23,000
C. #28,000
D. #27,000

Question 1157:

• JAMB 2018

Use the information below to answer question

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

Calculate the cost of goods sold

A. #61,000
B. #62,000
C. #58,000
D. #57,000

Question 1158:

• JAMB 2018

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

A. Call in advance
B. Call in arrears
C. Forfeiture
D. Shares

Question 1159:

• JAMB 2018

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

A. Goodwill account and credit partners capital account
B. Cash account and credit goodwill account
C. Goodwill account and credit cash account
D. Partners capital account and credit goodwill account

Question 1160:

• JAMB 2018

Use the information below to answer the question

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

If at 31/1/95 the following information was ascertained

(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

A. #40,000
B. #41,500
C. #41,700
D. 48,500