2019 - JAMB Accounting Past Questions and Answers - page 6
51
Use the following information to answer this question
| Year | ₦ |
| 1991 1992 1993 1994 |
14,000 24,000 10,000 16,000 |
It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is
A
32,000
B
16000
C
30000
D
64,000
52
Where there is no agreement made by the partners, the following provisions takes place except
A
No salary for partners acting in the business
B
There is interest on capital
C
No interest to be charged on drawings
D
Profit and loss are to be shared equally
53
In the absence of partnership agreement, a loan by a partner attracts interest at
A
20%
B
5%
C
10%
D
15%
54
In a non-profit making organisation, the excess of Assets over liabilities equals
A
capital
B
capital employed
C
capital owned
D
accumulated funds
55
The similarities between Receipts and payments and income and expenditure account is
A
Both accounts follows the principle of double entry
B
They are summaries of financial statements
C
Both include capital items
D
Both are prepared by non-profit making concern
56
Given:
Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears |
₦ 10,000 15,000 4,500 3,000 150 3500 |
What is the accumulated fund?
A
₦14,150
B
₦20,850
C
₦21,850
D
₦14,200
57
Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What us the amount of purchase
A
₦11,970
B
₦11,000
C
₦1,250
D
₦12,053
58
Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?
A
₦550
B
₦12,250
C
₦12,530
D
₦830
59
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
A
profit
B
capital
C
loss
D
cash
60
The manufacturing account is prepared to ascertain
A
cost of goods sold
B
cost of production
C
Gross profit
D
Finished goods
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