2018 - JAMB Accounting Past Questions and Answers - page 2
11
In the head office ledger, the value of goods sent to the branch are____________
A
Debited to the branch current account
B
Debited to the head office current account
C
Credited to the head office current account
D
Credited to the branch current account
12
If the purchase price exceeds the net assets of a company, the excess amount is debited to________________
A
Cash account
B
purchase account
C
goodwill account
D
sales account
13
Gross profit in the branch adjustment account is transferred to the branch____________
A
Income and expenditure account
B
profit and loss account
C
receipt and payment account
D
trading account
14
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?
A
1 : 1
B
3 : 6
C
2 : 1
D
2 : 6
15
Calls in advance are treated in the balance sheet as_______
A
Current asset
B
Fixed asset
C
Current liability
D
Fixed liability
16
Why are adjustments in the profit and loss account necessary?
A
To cover some expenses of the following year
B
To show the provisions made during the year
C
To show the total expenses paid and income received during the year
D
To ascertain the actual expenses incurred and income earned during the year
17
Which of the following is not a type of branch?
A
Dependent branch
B
foreign branch
C
independent branch
D
single branch
18
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________
A
Debit entry
B
Contra entry
C
Credit entry
D
Reversal entry
19
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________
A
Partners salaries
B
Interest on capital
C
Interest on loans
D
Partners drawings
20
Use the information below to answer the question
Â
| Liabilities           ₦ | Assets                  ₦ |
| Capital            40,000     | Furnishing                10,000 |
|  | Ceiling Fan                1,500 |
|  | Cash in Hand             28,500 |
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 40,000 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 40,000 |
Â
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
Â
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
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 What is the balance on its cash account as at 31/1/95
A
#22,800
B
#9,200
C
#800
D
#21,200
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