Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 426:

• 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

Question 427:

• JAMB 2003

Gross profit in the branch adjustment account is transferred to the branch?

A. Trading account
B. Receipts and payments account
C. Profit and loss account
D. Income and expenditure account

Question 428:

• JAMB 2003

Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:
On application .........................N0.40
On allotment ...........................N0.20
First call (including premium ofN0.50)..N0.70
What is the balance of the ordinary share capital account after the first call was received?

A. N300
B. N1050
C. N1200
D. 1950

Question 429:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
Compute the amount withdrawn

A. N2000
B. N1500
C. N1250
D. N1000

Question 430:

• JAMB 2003

Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is

A. N90,000
B. N30,000
C. N19,000
D. N18,000