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Accounts - Principles of Accounts 2006 JAMB Past Questions

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31
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
View Answer & Discuss JAMB 2006
32
Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320

The proprietor made drawings of N755 per month for personal use.

The profit for the period is?
  • A. N3000
  • B. N1,360
  • C. N9060
  • D. N7700
View Answer & Discuss JAMB 2006
33
Given:

Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000

Calculate the subscription in the income and expenditure account?
  • A. N200 000
  • B. N235 000
  • C. N185 000
  • D. N225 000
View Answer & Discuss JAMB 2006
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34
Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?
  • A. N4000
  • B. N6000
  • C. N10000
  • D. N8000
View Answer & Discuss (1) JAMB 2006
35
MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.

Sales of drinks...................N212 500
Annual dues.......................N112 000

How much is the total receipt of the club?
  • A. N563 440
  • B. N687 940
  • C. N363 440
  • D. N524 500
View Answer & Discuss JAMB 2006
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