2002 - JAMB Accounting Past Questions and Answers - page 5
41
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
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
correct option: a
Users' Answers & Comments42
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.
correct option: a
Users' Answers & Comments43
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
.............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
correct option: c
Users' Answers & Comments44
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?
.............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
correct option: c
Users' Answers & Comments45
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/853_1.jpg)
A
N5000
B
N4000
C
N3000
D
N7000
correct option: c
Users' Answers & Comments46
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/854_1.jpg)
What is the amount to be written off as other expenses?
A
N4500
B
N6000
C
N4000
D
N5000
correct option: d
Users' Answers & Comments47
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/855_1.jpg)
Determine the club's excess of income over expenditure
A
N12000
B
N15000
C
N10000
D
N14500
correct option: a
Users' Answers & Comments48
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/856_1.jpg)
A
N583,000
B
N563,000
C
N483,000
D
N583,000
correct option: a
Users' Answers & Comments49
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/857_1.jpg)
What is the closing cash balance ?
A
N11500
B
N12000
C
N13000
D
N13500
correct option: a
Users' Answers & Comments50
![](https://publicappmediaqa.s3.eu-central-1.amazonaws.com/858_1.jpg)
Compute the subscriptions received.
A
N30000
B
N28000
C
N24000
D
N20000
correct option: d
Users' Answers & Comments