Jamb Accounting Past Questions For Year 2006
Question 26
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
- A. N6600
- B. N6271
- C. N5353
- D. N7224
Question 27
Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?
- A. N156 000
- B. N38 300
- C. N183 150
- D. N66 550
Question 28
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?
- A. N123 325
- B. N160 050
- C. N166 525
- D. N326 575
Question 29
Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?
- A. N6745
- B. N6754
- C. N6475
- D. N6574
Question 30
When goodwill is not retained in the business, the entries in the new partners' book will be to debit?
- A. good account and credit partners' capital account
- B. partners' capital account and credit goodwill account
- C. cash account and credit goodwill account
- D. goodwill account and credit cash account
