2006 - JAMB Accounting Past Questions and Answers - page 4

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

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?

Given:

Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000

Calculate the subscription in the income and expenditure account?

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?

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?

In converting a to a partnership company, the loss on asset revaluation is?

Determine the opening cash balance of the club?

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

The subscriptions received would be

LOAN IS 30% OF CREDITORS.

What is the capital balance?