Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1286:

• JAMB 2019

Use the following to answer this question

Opening stockPurchasesSalesClosing Stocks

₦20,00070,000100,00015,000

What was the gross profit?

A. ₦35,000
B. ₦75,000
C. ₦50,000
D. ₦25,000

Question 1287:

• JAMB 2019

An ordinary share of ₦100 was issued at ₦80. The share was issued at

A. Premium
B. Par
C. Discount
D. Loss

Question 1288:

• JAMB 2019

Shares that are offered to existing shareholders at a price is called

A. Par
B. Premium
C. Right issue
D. Bonus issue

Question 1289:

• JAMB 2019

Use the following information to answer this question

Year	₦
1991199219931994	14,00024,00010,00016,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

A. 32,000
B. 16000
C. 30000
D. 64,000

Question 1290:

• JAMB 2019

Where there is no agreement made by the partners, the following provisions takes place except

A. No salary for partners acting in the business
B. There is interest on capital
C. No interest to be charged on drawings
D. Profit and loss are to be shared equally