Jamb Accounting Past Questions For Year 2013
Question 16
Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit
- A. #2,000
- B. #14,000
- C. #20,000
- D. #30,000
Question 17
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
- A. #8,700
- B. #9,500
- C. #9,700
- D. #10,700
Question 18
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital
- A. #5,700
- B. #7,700
- C. #9,800
- D. #14,900
Question 19
The total cash and cheques received from customers in a control account is derived from the
- A. purchases day book
- B. cash book
- C. income and expenditure account
- D. sales journal
Question 20
What type of stock valuation would a vegetable seller adopt in valuing it's product?
- A. LIFO
- B. FIFO
- C. Simple average
- D. Weighted average
