2023 - JAMB Accounting Past Questions and Answers - page 1
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December 2018.
| Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital: | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
Segun's share of profit is ___?
₦12,000
₦21,400
₦14,600
₦16,400
One of the options below have the same features as the profit and loss account in non-profit organization
Salaries in arrears is treated in the balance sheet as a ___
current asset
current liability
long term liability
fixed asset
An advantage of FIFO method of stock valuation is that
Which of these is the main source document for recording cash paid into bank?
Danladi Bako's Statement of Affairs as at 30/06/17 is as shown in the table below; What is the value of Dalandi Bako's capital?
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
₦60,150
₦78,650
₦50,160
₦60,650
The authority warrant issued prior to the approval of the appropriate bill at the begining of the year
contigencies
reserved expenditure warrant
annual general warrant
provisional general warrant
|
₦ |
|
|
Debtors opening |
4000 |
| Debtors closing | 1500 |
|
Cash received from debtors |
8500 |
|
Bad debts written off |
350 |
| Discount allowed | 500 |
| Discount received | 1000 |
What is the amount of sales for the year?
The authority to transfer fund from one head to another within the same organization is called
Goodwill can be introduced when
the business suffers high loss
the business is being expanded
the partnership experience super profit
a new member is admitted