2005 - JAMB Accounting Past Questions and Answers - page 2

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

Calculate the profit available for appreciation?

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

The balances of current accounts of Jide and Haruna are respectively?

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?

A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?

The accounting method that reports incomes when earned and expenses when incurred is called?

The tier of government that uses financial memorandum is the?

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock

The capital employed is

Determine the closing stock under LOFO method

Calculate the closing stock under FIFO method