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Accounts - Principles of Accounts 2012 JAMB Past Questions

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26

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000

Determine the capital

  • A. #10,000
  • B. #42,000
  • C. #45,000
  • D. #52,000
View Answer & Discuss (1) JAMB 2012
27

In the head office ledger, the value of goods sent to the branch are

  • A. debited to the head office current account
  • B. debited to the branch current account
  • C. credited to the head office current account
  • D. credited to the branch current account
View Answer & Discuss JAMB 2012
28

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

  • A. cost price
  • B. fixed percentage on cost
  • C. selling price
  • D. invoice price
View Answer & Discuss JAMB 2012
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29
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.

Find Modibbo's share of the profit
  • A. #62,000
  • B. #48,000
  • C. #44,000
  • D. #43,000
View Answer & Discuss (1) JAMB 2012
30
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.

What is Jakata's sharing profit?
  • A. 3:5
  • B. 1:2
  • C. 2:5
  • D. 1:5
View Answer & Discuss (1) JAMB 2012
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