2017 - JAMB Accounting Past Questions and Answers - page 4

Bank reconciliation statement helps to reconcile the cashbook and bank statement if there are disagreement
A is correct: 21,901 is correct because the cheque wrongly debited by the bank will have increase the bank balance therefore to get the value of the bank statement needed to first of all add back the cashbook

carriage outward: it is the cost of transporting goods from the company to the buyer. it is on debit side of the profit and loss account because it is an expenses incurred on distributing the goods to customer.

The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill

Dr Total Debtors Control A/c Cr

\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \ \hline
& \text{Dr. Allowed.....500} \ \hline & \text{bal c/d.....1,500} \ \hline 10,850 & 10,850 \ \hline \text{bal b/d.....1,500} & \end{array}\)

D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.

Dissolution of a partnership refers to the termination of the partnership agreement and the ceasing of business operations. The following points explain why the correct answer is A: * **II. Cessation of business:** This directly implies the end of the partnership's operations, indicating dissolution. * **IV. Disposal of assets:** When a partnership dissolves, its assets are typically sold to settle debts and distribute the remaining value. * **I. Settlement of debts:** This is part of the process of winding up the partnership after dissolution, but it doesn't inherently constitute the dissolution itself. * **III. Introduction of assets:** This is an activity relating to the starting and continuous operation of a business, not the dissolution.

A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time

Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor

consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead

\(\begin{array}{c|c} & \text{N} & \text{N} \ \hline \text{Balance as per cash book} & & 5469 \ \hline \text{Unpresented cheque} & 19494 & \ \hline \text{Cheque wrongly debited} & 1440 & 20844 \ \hline & & 26,311 \ \hline \text{Uncredited cheque} & & 4410 \ \hline \text{Balnce as per bank statement} & & 21,901\end{array}\)