Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1256:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

Calculate the subscriptions in the Income and expenditure account

A. 8400
B. 7400
C. 6400
D. 7200

Question 1257:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

The figure ₦1000 represent what in the balance sheet.

A. Assets
B. Liability
C. Capital
D. Subscription

Question 1258:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

What is the opening cash balance

A. ₦20,600
B. ₦8,050
C. ₦3,650
D. ₦8,500

Question 1259:

• JAMB 2019

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

A. I only
B. II and III
C. I and III only
D. IV only

Question 1260:

• JAMB 2019

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

Cost of raw materials consumed is


A. ₦53,000
B. ₦150,000
C. ₦152,120
D. ₦148,120