Accounts - Principles of Accounts 2006 JAMB Past Questions

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In converting a to a partnership company, the loss on asset revaluation is?

A. debited to the revaluation account
B. debited to the profit and loss account
C. credited to the revaluation account
D. credited to the profit and loss account

View Answer & Discuss (1) JAMB 2006

Determine the opening cash balance of the club?

A. N3 070
B. N2 220
C. N5 710
D. N4 320

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The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

A. N35 000
B. N211 000
C. N5 000
D. N10 000

View Answer & Discuss (1) JAMB 2006

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The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

The subscriptions received would be

A. N200 000
B. N240 000
C. N300 000
D. N24 000

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LOAN IS 30% OF CREDITORS.

What is the capital balance?

A. N1000
B. N2 100
C. N900
D. N1200

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Accounts - Principles of Accounts 2006 JAMB Past Questions

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