Accounts - Principles of Accounts Past Questions

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471

Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320

The proprietor made drawings of N755 per month for personal use.

The profit for the period is?

A. N3000
B. N1,360
C. N9060
D. N7700

View Answer & Discuss JAMB 2006

472

Given:

Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000

Calculate the subscription in the income and expenditure account?

A. N200 000
B. N235 000
C. N185 000
D. N225 000

View Answer & Discuss JAMB 2006

473

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

A. N4000
B. N6000
C. N10000
D. N8000

View Answer & Discuss (1) JAMB 2006

474

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.

Sales of drinks...................N212 500
Annual dues.......................N112 000

How much is the total receipt of the club?