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Accounts - Principles of Accounts Past Questions

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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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491
Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?
  • A. credited to Takwa's current acount
  • B. debited to goodwill account
  • C. share to all the partners' capital account
  • D. credited to the old partners' capital account
View Answer & Discuss JAMB 2007
492
The amount of subscriptions accrued is reported in the balance sheet under?
  • A. fixed asset
  • B. long-term liability
  • C. current asset
  • D. current liability
View Answer & Discuss (5) JAMB 2007
493
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?
  • A. N891
  • B. N819
  • C. N927
  • D. N975
View Answer & Discuss JAMB 2007
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494
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?
  • A. N1854
  • B. N1845
  • C. N1062
  • D. N1134
View Answer & Discuss JAMB 2007
495
The gross profit disclosed in the branch stock adjustment account represents?
  • A. head office profit
  • B. unrealized profit
  • C. estimated profit
  • D. branch profit
View Answer & Discuss JAMB 2007
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