2018 - JAMB Accounting Past Questions and Answers - page 5

Departmentalization of accounts is useful because it shows the____________

Why should a new partner contribute towards goodwill on his admission?

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

Cost of rent as an expense can be apportioned to all department on the basis of:

Use the information to answer the questions

  Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:

  Rakiya, #200 on March 31 and #300 on September 30.

  Joy, #100 on April 1 and #240 on July 1.

  The interest on Joy’s drawing is___________

Which of the following is a conversion cost?

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

To account for expenses paid by head office on behalf of the branch, the branch should___________

Use the information below to answer the question.

  Calculate the balance in the bank statement.

Which of the following is not an inventory costing method?