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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
286
Use the information below to answer questions 9 and 10.

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The liabilities of Udo Co. Ltd is?
  • A. N180,000
  • B. N181,000
  • C. N177,000
  • D. N110,000
View Answer & Discuss JAMB 2002
287
The normal accounting entry to record the dishonor of a businessman is to?
  • A. debit cash book and credit suspense account
  • B. debit cash book and credit drawer
  • C. credit caah book and debit suspense account
  • D. credit cash book and debit drawer
View Answer & Discuss JAMB 2002
288
Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140

Determine the value of the trade investment?
  • A. N8m
  • B. N10m
  • C. N15m
  • D. N20m
View Answer & Discuss JAMB 2002
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289
Use the information below to answer question .

Statement of assets and liabilities as at 31st December, 2001.

Shareholders' interest N240

Current liabilities N20

Current assets N110

Fixed assets N140
What is the networking capital?
  • A. N90m
  • B. N70m
  • C. N100m
  • D. N80m
View Answer & Discuss JAMB 2002
290
The concise statement used to explain entries in the general journal is known as?
  • A. narration
  • B. summary
  • C. information
  • D. commentary
View Answer & Discuss JAMB 2002
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