2016 - JAMB Accounting Past Questions and Answers - page 2

The effect of overstating revenue expenditure in the profit and loss account is that the

Which of the following condition would attract credit and debit notes to be used?

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A receipt is an evidence of

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

An organization which has records of only personal accounts is said to be operating on the basis of

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

Determine the amount received on final call.

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

The income and expenditure account differs from receipts and payments account because it