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536
Use the information below to answer question .

Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?
  • A. N9525
  • B. N9000
  • C. N7100
  • D. N6400
View Answer & Discuss JAMB 2008
537
\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)

Determine the closing balance of the cash book?
  • A. N655 credit
  • B. N655 debit
  • C. N130 credit
  • D. N130 debit
View Answer & Discuss (2) JAMB 2008
538
The factor that determine the periodic depreciation charge are?
  • A. asset cost, market value and useful life
  • B. asset cost, market value and residusl value
  • C. asset value, cash value useful life
  • D. asset cost, salvage and useful life
View Answer & Discuss JAMB 2008
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
539
Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?
  • A. N80
  • B. N74
  • C. N64
  • D. N60
View Answer & Discuss JAMB 2008
540
Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the FIFO method, what is the value of the closing stock?
  • A. N1280
  • B. N1184
  • C. N1024
  • D. N960
View Answer & Discuss JAMB 2008
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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