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Accounts - Principles of Accounts 2003 JAMB Past Questions

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21
A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?
  • A. N2000
  • B. N2500
  • C. 12000
  • D. 12500
View Answer & Discuss (1) JAMB 2003
22
Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?
  • A. N60,000
  • B. N80,000
  • C. N90,000
  • D. N110,000
View Answer & Discuss JAMB 2003
23
During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.

What is the overpaid portion of the rent?
  • A. N36 000
  • B. N18 000
  • C. N12 000
  • D. N6 000
View Answer & Discuss JAMB 2003
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24
Use the information below to answer question .

...........PQ Manufacturing Company

Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170

The overhead cost is?
  • A. N71 050
  • B. N68 250
  • C. N67 970
  • D. N66 080
View Answer & Discuss JAMB 2003
25
Use the information below to answer question .

...........PQ Manufacturing Company

Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170

The company consumed raw materials worth?
  • A. N54 600
  • B. N56 000
  • C. N57 400
  • D. 59 500
View Answer & Discuss JAMB 2003
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