Jamb Accounting Past Questions For Year 2002
Question 11
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?
- A. N11500
- B. N12000
- C. N13000
- D. N13500
Question 12
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The closing stock on March 11th by LIFO valuation is
- A. N4200
- B. N2700
- C. N4500
- D. N3900
Question 13
Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is
- A. N750
- B. N1000
- C. N250
- D. N500
Question 14
In a control account, discount received is found on the?
- A. debit side of the purchase ledger control account
- B. debit side of the sales ledger control account
- C. credit side of the purchase ledger control account
- D. credit side of the sales ledger control account
Question 15
Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?
- A. N8500 profit
- B. N2000 loss
- C. N2000 profit
- D. N8500 loss
