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Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?
ABranch should debit goods received from head ofice with N50 000
BHead office should debit goods sent to branch account with N10 000
CHead office should debit goods sent to branch account with N50 000
DBranch should debit goods received from head office with N10 000
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Question 512
jamb2007
In the trading and profit and loss account of a manufacturing organization, purchases is?
Aalways the same amount as the total factory overhead cost
Bgiven separately
Cequivalent to the total cost of goods manufactured
Dalways the same as the prime cost
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Question 513
jamb2007
Expense paid during the conversion of a partnership to a company are?
Adebited to the partners' capital account
Bdebited to the realization account
Cdebited to the cash account
Dcredited to the realization account
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Question 514
jamb2007
Use the information below to answer question .
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?
AN4 000
BN6 000
CN8 000
DN2 000
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Question 515
jamb2007
Use the information below to answer question
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?
AN5 500
BN6 500
CN2 500
DN4 500
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Question 516
jamb2007
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
Ai only
Bi, ii and iii
Ci, ii and iv
Dii and iii
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Question 517
jamb2007
Given:
Stock at start:
Raw materials................N57 000
Work-in-progress.............N42 000
Finished goods...............N71 000
Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.
Calculate the prime cost?
AN176 000
BN170 000
CN167 000
DN156 000
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Question 518
jamb2007
Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?
AN11 410
BN13 630
CN9 310
DN11 530
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Question 519
jamb2007
A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?
AN30 000
BN40 000
CN20 000
DN10 000
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Question 520
jamb2006
Determine the value of closing stock using the LIFO method
AN2 000
BN2500
CN4000
DN35000
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Question 521
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 522
jamb2006
X represents
Abank charges
Ban unpresented cheque
Cdividends
Dan uncredited cheque
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Question 523
jamb2006
The value of Y is
AN11 500
BN 8 500
CN13000
DN10000
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Question 524
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 525
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 526
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 527
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 528
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 529
jamb2006
LOAN IS 30% OF CREDITORS.
What is the capital balance?
AN1000
BN2 100
CN900
DN1200
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Question 530
jamb2006
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
