JAMB Accounting Past Questions & Answers - Page 74

366.

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A.

#184,000

B.

#196,500

C.

#212,000

D.

#168,500

Correct answer is D

The net working capital formula is calculated by subtracting the current liabilities from the current assets. 
Assets = 190,500
liabilities = 14,000 + 8,000 = 22,000
190,500 - 22,000 = 168,000 (capital)

 

368.

The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]

The correct closing balance for lawal's current account is

A.

N21,100 debit

B.

N14,740 debit

C.

N14,740 credit

D.

N540 credit

Correct answer is C

No explanation has been provided for this answer.

369.

The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal

The Correct closing balance for Musa's current account is

A.

N36,000 Credit

B.

N16,600 credit

C.

N16,600 debit

D.

N1,800 credit

Correct answer is B

No explanation has been provided for this answer.

370.

What is the balance carried down?

A.

N11,680

B.

N11,930

C.

N12,330

D.

N13,430

Correct answer is C

No explanation has been provided for this answer.