Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 281:

• JAMB 2000

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A. N6,120,000
B. N6,120,300
C. N8,280,000
D. 8,820,000

Question 282:

• JAMB 2000

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

A. N 125, 000
B. N114,500
C. N105,500
D. N105,250

Question 283:

• JAMB 2000

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

A. Cost
B. Prudence
C. Consistency
D. Entity

Question 284:

• JAMB 2000

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?

A. N 418,350
B. N404,950
C. N400,250
D. N398,250

Question 285:

• JAMB 2000

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is

A. N 524,600
B. N408,600
C. N381,600
D. N327,600