2002 - JAMB Accounting Past Questions and Answers - page 4

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

keeping records under the single entry system has the advantage of?

Control accounts help to verify the arithmetic accuracy of the postings from the?

Given:

Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

Given:



Balance at 31st December ............N14,744m

Treasury Bills issued Jan-Dec........N7124m

Revenue for the year ................N6387m

Expenditure .........................N8767m



What is the opening balance on the consolidated revenue fund account?

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

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

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

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