2001 JAMB UTME Accounts Past Questions

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2001

Use the information below to answer question.Given:Fixed assets: ₦85,600 Sales: ₦197,000 Stock: ₦34,300 Salaries: ₦37,000 Purchases: ₦127,700 Share capital: ₦120,000 Creditors: ₦16,050 Motor expenses: ₦10,500 Debtors: ₦2…

2001

Given:Authorized Capital: N100,000 ordinary shares of ₦1 eashIssued and fully paid:50,000 ordinary shares of ₦1 each 50,00010, 000 8% perference sharesOf ₦1 eachReserves 10,000Creditors 25,000Debtors 13 000Cash in hand 5…

2001

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

2001

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

2001

To account for expenses paid by head office on behalf of the branch, the branch should?

2001

Department F transferred some goods to department G at a selling price. The goods were not sold at the end of the accounting period. Which account is affected at the time of preparing a combined balance sheet?

2001

X and Y are two departments that are to share 50% of all joint costs equally and the balance in ratio 2:1. If a sum of ₦150,000 is incurred jointly, what will be the portion attributable to X?

2001

The law that currently regulates the registration of companies in Nigeria is the?

2001

The main difference between the ordinary and preference shareholders is that?

2001

Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`

2001

Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?

2001

On the dissolution of a partnership business,the net book value of the assets is transferred to?

2001

If a partner pays a premium of ₦500 for 1/5 share of profit, then the total value of goodwill is?

2001

Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yus…

2001

Partners' salaries and drawings are usually posted to the?

2001

The excess of income over expenditure is usually transferred to the?

2001

Given:Club trading profit ₦12,000Members'' subscription ₦15,000Profit on sale of fixed assets ₦2,500Loss on sale of investments ₦1,000Wages ₦16,500Other expenses ₦10,000Determine the club's excess of income over expendit…

2001

A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.The balance of the payments account is?

2001

Use the information below to answer questions Subscription received during the year ₦30,000 Subscription owed last year ₦4,000 Subscription received for next year ₦6,000 What is the subscription to be charged to…

2001

Use the information below to answer questions Subscription received during the year ₦30,000Subscription owed last year ₦4,000Subscription received for next year ₦6,000 The ₦6,000 subscription received is?

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