Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 381:

• JAMB 2002

Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is

A. N750
B. N1000
C. N250
D. N500

Question 382:

• JAMB 2002

Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
What is department Q's share of discount allowed?

A. N2000
B. N1500
C. N800
D. N1200

Question 383:

• JAMB 2002

The working capital of the club is

A. N5000
B. N4000
C. N3000
D. N7000

Question 384:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?

A. N4500
B. N6000
C. N4000
D. N5000

Question 385:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure

A. N12000
B. N15000
C. N10000
D. N14500