Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 376:

• JAMB 2002

Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is

A. N4200
B. N2700
C. N4500
D. N3900

Question 377:

• JAMB 2002

Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is

A. N3900
B. N2500
C. N4100
D. N2700

Question 378:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Abba's capital balance at the end of the year will be

A. N5475
B. N5725
C. N4400
D. N5000

Question 379:

• JAMB 2002

Use the information below to answer this question
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250
Current account balance of Kaka at the end of the year will be

A. N250
B. N350
C. N175
D. N325

Question 380:

• JAMB 2002

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

A. Market value of goods produced
B. Prime cost of production
C. Indirect cost of production
D. Goods produced.