Branch Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2002

Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?

A. N1000.00
B. N333.33
C. N666.66
D. N800.00

Question 12:

• JAMB 2002

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

A. 35%
B. 30%
C. 20%
D. 15%

Question 13:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?

A. N4 069
B. N1 817
C. N1 440
D. N1 328

Question 14:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?

A. N1 875
B. N1 817
C. N1 626
D. N1 426

Question 15:

• JAMB 2003

The amount of each invoiced goods sent to the branch is debited to?

A. Branch expense account and credited to branch debtors' accoount
B. Branch stock account account and credited to the goods sent to branch account
C. Branch debtors' account and credited to branch expense account
D. Goods sent to branch expense account