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Accounts - Principles of Accounts 2015 JAMB Past Questions

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6
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
  • A. 20,000
  • B. 18,000
  • C. 15,000
  • D. 12,000
View Answer & Discuss JAMB 2015
7

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari              Osinbajo

Capital 40, 000    70, 000
Salary 10, 000      15, 000
Int.on capital 5%      5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"

What is Osinbajo share of profit?

  • A. N19, 800
  • B. N49, 500
  • C. N48, 000
  • D. N29, 700
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8

The major distinguishing element between the final account of a partnership and that of a sole trader is the

  • A. drawing account
  • B. capital account
  • C. Creditor account
  • D. Appropriation account
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9
Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)

Determine the debtors collection period
  • A. 114 days
  • B. 68 days
  • C. 37 days
  • D. 41 days
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10

Prime cost is one of the following

  • A. expenses which can be identified with an allocated to cost centers
  • B. aggregate direct material cost, direct labour cost and variable direct expenses
  • C. the cost taken into account in the production process whether direct or indirect
  • D. the cost of commodities supply to an undertaking
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