2006 - JAMB Accounting Past Questions and Answers - page 4
31
When goodwill is not retained in the business, the entries in the new partners' book will be to debit?
A
good account and credit partners' capital account
B
partners' capital account and credit goodwill account
C
cash account and credit goodwill account
D
goodwill account and credit cash account
32
Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?
A
N3000
B
N1,360
C
N9060
D
N7700
33
Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?
A
N200 000
B
N235 000
C
N185 000
D
N225 000
34
Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?
A
N4000
B
N6000
C
N10000
D
N8000
35
MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?
A
N563 440
B
N687 940
C
N363 440
D
N524 500
36
In converting a to a partnership company, the loss on asset revaluation is?
A
debited to the revaluation account
B
debited to the profit and loss account
C
credited to the revaluation account
D
credited to the profit and loss account
37
Determine the opening cash balance of the club?
A
N3 070
B
N2 220
C
N5 710
D
N4 320
38
What is the closing cash balance?
A
N35 000
B
N211 000
C
N5 000
D
N10 000
39
The subscriptions received would be
A
N200 000
B
N240 000
C
N300 000
D
N24 000
40
What is the capital balance?
A
N1000
B
N2 100
C
N900
D
N1200
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