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Jamb Accounts - Principles of Accounts Past QuestionsQuestion 1181:
Use the information below to answer the question. Adex Ltd. Issues stock to its retail branches at cost price. Calculate the cost of goods credited to the head office trading account A. #7200 B. #7460 C. #7500 D. #7660 Question 1182:In dealing with incomplete record, fixed assets are posted to___________- A. Profit and loss account as brought forward figure B. Closing balance sheet as carried forward figure C. Closing balance sheet as brought forward figure D. Profit and loss as carried forward figure Question 1183:Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea? A. ₦705 B. ₦500 C. ₦1000 D. ₦10000 Question 1184:Which of the following should not be adjusted for in the profit and loss account? A. Accruals B. Inventory C. Subscription D. Depreciation Question 1185:Use the information below to answer the question .
Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200. Department P’s net profit was A. #2,500 B. #2,800 C. #3,000 D. #5,200 |
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