2019 - JAMB Accounting Past Questions and Answers - page 8
71
One of the limitations of accounting is that
A
it ascertain financial position
B
it prevent fraud
C
transactions are recorded in monetary terms
D
it monitor the progress of the enterprise
72
Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?
A
₦165,000
B
₦635,000
C
₦600,000
D
₦156,000
73
In the preparation of account, the owners of the business and the business concerned are treated as:
A
partners
B
joint venture
C
the same person
D
separate legal entities
74
From the following, determine the value of closing stock using:
Feb 1 purchased 200 units at ₦2.00 each
Feb 3 purchased 100 units at ₦1.00 each
Feb 4 issued 120 units at ₦5.00 each
Feb 5 purchased 50 units at ₦3.00 each
Feb 6 issued 100 units at ₦4.00 each
A
330
B
420
C
230
D
320
75
A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque.
Sales Advert Wages Purchases |
A ₦ 3200 327 85 1600 |
B ₦ 2100 463 70 1100 |
The profit and loss in joint venture with B account in the ledger of A.
A
₦1000
B
₦900
C
₦993
D
₦883
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