2015 - JAMB Accounting Past Questions and Answers - page 4
31
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
A
20,000
B
18,000
C
15,000
D
12,000
correct option: a
Allotment = 500,000 = 0.4 or 40%
∴ Each subscriber would get 40% shares of what they applied for.
∴ 50,000 x 0.4 = 20,000 units
Users' Answers & Comments∴ Each subscriber would get 40% shares of what they applied for.
∴ 50,000 x 0.4 = 20,000 units
32
Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Interest on capital 5% 5%
Profit/loss sharing ratio 40 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Interest on capital 5% 5%
Profit/loss sharing ratio 40 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?
A
N19, 800
B
N49, 500
C
N48, 000
D
N29, 700
correct option: d
Users' Answers & Comments33
The major distinguishing element between the final account of a partnership and that of a sole trader is the
A
drawing A/C
B
capital A/C
C
Creditor A/C
D
Appropriation A/C
correct option: d
Users' Answers & Comments34
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\ \hline
\text{Debtors} & 18,750 \\ \hline
\text{Creditors} & 3,750 \\ \hline
\text{Bank} & 4,000 \\ \hline
\text{Net profit} & 7,500 \\ \hline
\text{Net} & 60,000 \\ \end{array}\)
Determine the debtors collection period
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\ \hline
\text{Debtors} & 18,750 \\ \hline
\text{Creditors} & 3,750 \\ \hline
\text{Bank} & 4,000 \\ \hline
\text{Net profit} & 7,500 \\ \hline
\text{Net} & 60,000 \\ \end{array}\)
Determine the debtors collection period
A
114 days
B
68 days
C
37 days
D
41 days
correct option: a
Users' Answers & Comments35
Prime cost is one of the following
A
expenses which can be identified with an allocated to cost centers
B
aggregate direct material cost, direct labour cost and variable direct expenses
C
the cost taken into account in the production process whether direct or indirect
D
the cost of commodities supply to an undertaking
correct option: b
Users' Answers & Comments36
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is
A
Materiality
B
Accrual
C
Going concern
D
Business entity
correct option: a
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.
Users' Answers & Comments37
Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash ofN12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash ofN12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
A
2 : 3
B
3 : 2
C
6 : 5
D
5 : 6
correct option: a
Users' Answers & Comments38
When the invoice of a customer is overcast, the supplier will send to him a
A
debit note
B
cheque
C
credit note
D
payment voucher
correct option: c
Users' Answers & Comments39
Using LIFO method of stock valuation, analyze the issue quantities and their prices
A
260 units at N1.50
B
700 units at N1.50
C
200 units at N1.50 and 500 units at N1.00
D
350 units at N1.50 and 350 units at N1.00
correct option: a
given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)
Users' Answers & Comments40
CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be
A
N9, N1740; N120
B
N90, N990
C
N90, N870; N120
D
N80, N750
correct option: c
Users' Answers & Comments