JAMB Accounting Past Questions & Answers - Page 116

Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Compute the capital as at 1st Jan, 2014

A sales for N2,570 was recorded in the sales day book as N2750. The error committed was

A business has three departments x, y and z

You are given the following information

Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres

X N60,000 80

Y N80,000 60

Z N100,000 60

How much rent is apportioned to department Z?

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

Segun Ojo didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Determine the closing capital 31/12/2014