2018 - JAMB Accounting Past Questions and Answers - page 2

In the head office ledger, the value of goods sent to the branch are____________

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

Gross profit in the branch adjustment account is transferred to the branch____________

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Calls in advance are treated in the balance sheet as_______

Why are adjustments in the profit and loss account necessary?

Which of the following is not a type of branch?

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

Use the information below to answer the question

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

  What is the balance on its cash account as at 31/1/95