2018 JAMB Accounting Past Questions

What is the amount of capital employed?

Use the information above to answer the question

 What is the acid test ratio in the company?

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

Trading account for the year ended 31st December 2009

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

If at 31/1/95 the following information was ascertained

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

In the head office ledger, the value of goods sent to the branch are____________

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Why are adjustments in the profit and loss account necessary?

Which of the following is not a type of branch?

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

  What is the balance on its cash account as at 31/1/95

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

\(\left. \begin{array} { | l | l | } \hline \text { Stock at branch 1st January at cost } & { 400 } \\ \hline \text { Goods sent to branch at cost } & { 8000 } \\ \hline \text { Returns to head office } & { 340 } \\ \hline \text { Cash sales } & { 9160 } \\ \hline \text { Stock at branch 31st December at cost } & { 720 } \\ \hline \end{array} \right.
\)

Use the information below to answer the question.

Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

Using the following:

  Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

  what is the adjusted cashbook balance?

Branch stock adjustment account is prepared at?

A partnership deed is used to____________

\(\left. \begin{array} { l | l } { \text { Stock at branch } 1 \text { st January at cost } } & { N } \\ \hline \text { Goods sent to branch at cost } & { 400 } \\ \hline \text { Returns to head office } & { 8000 } \\ \hline \text { Cash sales } & { 340 } \\ \hline \text { Stock at branch 31st December at cost } & { 9160 } \\ \hline \end{array} \right.\)

Use the information below to answer the question.

Adex Ltd. Issues stock to its retail branches at cost price.

Calculate the cost of goods credited to the head office trading account

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

Which of the following should not be adjusted for in the profit and loss account?

\(\tiny\left. \begin{array} { | l | l | l | l | l | l | } \hline & { \text { Total } } & { P } & { Q } & { } & { \text { Total } } & { P } & { Q } \\ \hline & { M } & { N } & { M } & { } & { N } & { N } & { N } \\ \hline \text { Stock } & { 3,000 } & { 2,000 } & { 1,000 } & { \text { Sales } } & { 10,000 } & { 6,000 } & { 4,000 } \\ \hline \text { Purchase } & { 4,000 } & { 2,500 } & { 1,500 } & { \text { Closing Stock } } & { 2,000 } & { 1,500 } & { 500 } \end{array} \right.\)

Goods worth N300 was transferred from department Q to P. Similarly, P’s total expenses for the period was N200. Department P’s net profit was?

In the absence of a partnership deed, the act stipulates that____________

A partnership’s internal regulation are set out by________

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

Transfers from the head office to branches are best carried out at__________

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

Cost of rent as an expense can be apportioned to all department on the basis of:

Which of the following is a conversion cost?

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

Use the information above to answer the question.

Calculate the balance in the bank statement.