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Determine the value of closing stock using the LIFO method
AN2 000
BN2500
CN4000
DN35000
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Question 2
jamb2006
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
AN30 000
BN50 000
CN70 000
DN100 000
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Question 3
jamb2006
X represents
Abank charges
Ban unpresented cheque
Cdividends
Dan uncredited cheque
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Question 4
jamb2006
The value of Y is
AN11 500
BN 8 500
CN13000
DN10000
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Question 5
jamb2006
What was the bank balance at the end of the month?
AN7 000
BN6 500
CN 7 500
DN 9 000
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Question 6
jamb2006
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
AN1 600
BN4 100
CN 6 600
DN6 100
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Question 7
jamb2006
Which of the following is a journal as well as a ledger?
ANominal ledger
BSales day book
CGeneral ledger
Dcash book
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Question 8
jamb2006
Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
AN4000
BN6000
CN10000
DN8000
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Question 9
jamb2006
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?
AN8000
BN2000
CN4000
DN6000
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Question 10
jamb2006
LOAN IS 30% OF CREDITORS.
What is the capital balance?
AN1000
BN2 100
CN900
DN1200
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Question 11
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
AN200 000
BN240 000
CN300 000
DN24 000
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Question 12
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
AN35 000
BN211 000
CN5 000
DN10 000
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Question 13
jamb2006
Determine the opening cash balance of the club?
AN3 070
BN2 220
CN5 710
DN4 320
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Question 14
jamb2006
In converting a to a partnership company, the loss on asset revaluation is?
Adebited to the revaluation account
Bdebited to the profit and loss account
Ccredited to the revaluation account
Dcredited to the profit and loss account
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Question 15
jamb2006
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?
AN563 440
BN687 940
CN363 440
DN524 500
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Question 16
jamb2006
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?
AN4000
BN6000
CN10000
DN8000
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Question 17
jamb2006
Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?
