Jamb Accounting Past Questions For Year 2013
Question 11
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
- A. #2,550
- B. #2,500
- C. #2,350
- D. #2,250
Question 12
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account
- A. #17,000
- B. #23,000
- C. #26,000
- D. #30,000
Question 13
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit
- A. #100,000
- B. #86,000
- C. #82,000
- D. #76,000
Question 14
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
- A. sales account and credit bank account
- B. purchases and credit bank account
- C. cash and credit freehold
- D. bank and credit freehold
Question 15
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
- A. #4,000
- B. #7,000
- C. #11,000
- D. #24,000
