Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1461:

• JAMB 2023

When the goods are sold on credit to a buyer, the account receivable account will be ____________

A. Debit and credit
B. Contra entry
C. Debited
D. Credited

Question 1462:

• JAMB 2023

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

The amount of preference shares dividends payable at the end of the year is ____________

A. ₦10,000
B. ₦25,000
C. ₦7,500
D. ₦20,000

Question 1463:

• JAMB 2023

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

At the end of the period, what is the balance of the profit and loss appropriation account?

A. ₦66,5000
B. ₦90,000
C. ₦100,000
D. ₦74,000

Question 1464:

• JAMB 2023

The document which is legal charter of a company that defines the limits of a company's field of operation is known as ____________

A. Articles of association
B. Equity share certificate
C. Prospectus
D. Memorandum of association

Question 1465:

• JAMB 2023

	₦
Manufacturing wages	42,000
Factory rent	880
Raw materials: Stock 1/1/16	1,000
Purchases	16,000
Stock 31/12/16	1,400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

Calculate the cost of raw materials consumed ____________

A. ₦15,600
B. ₦17,000
C. ₦42,000
D. ₦20,300