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
| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
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