2013 - JAMB Accounting Past Questions and Answers - page 2
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A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000
The yearly depreciation using the straight line method would be
The yearly depreciation using the straight line method would be
A
#8,800
B
#6,500
C
#5,200
D
#4,400
correct option: c
Users' Answers & Comments12
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
A
#4,000
B
#7,000
C
#11,000
D
#24,000
correct option: a
Users' Answers & Comments13
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
A
sales account and credit bank account
B
purchases and credit bank account
C
cash and credit freehold
D
bank and credit freehold
correct option: b
Users' Answers & Comments14
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit
A
#100,000
B
#86,000
C
#82,000
D
#76,000
correct option: c
Users' Answers & Comments15
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account
A
#17,000
B
#23,000
C
#26,000
D
#30,000
correct option: c
Users' Answers & Comments16
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
A
#2,550
B
#2,500
C
#2,350
D
#2,250
correct option: a
Users' Answers & Comments17
What type of stock valuation would a vegetable seller adopt in valuing it's product?
A
LIFO
B
FIFO
C
Simple average
D
Weighted average
correct option: b
Users' Answers & Comments18
The total cash and cheques received from customers in a control account is derived from the
A
purchases day book
B
cash book
C
income and expenditure account
D
sales journal
correct option: b
Users' Answers & Comments19
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital
A
#5,700
B
#7,700
C
#9,800
D
#14,900
correct option: b
Users' Answers & Comments20
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
A
#8,700
B
#9,500
C
#9,700
D
#10,700
correct option: c
Users' Answers & Comments