by Sunday | Dec 1 | Accounting JAMB
Given: Drawings – #3,500 Net loss – #2,500 Capital 1/1/2007 – #35,000 Additional capital – #10,000 A. #35,000 B. #39,000 C. #45,000 D. #46,000 Correct Answer: Option B Explanation Adjusted capital= capital + additional capital –...
by Sunday | Dec 1 | Accounting JAMB
A. closing capital less opening capital add drawings B. opening capital less closing capital add drawings C. opening capital less drawings add closing capital D. opening capital add closing add drawings Correct Answer: Option A – closing capital less opening...
by Sunday | Dec 1 | Accounting JAMB
Given: Opening capital – #50,000 Closing capital – #64,000 Drawings – #16,000 A. #2,000 B. #14,000 C. #20,000 D. #30,000 Correct Answer: Option D – #30,000 Explanation closing capital – opening capital + drawings 64,000 – 50,000...
by Sunday | Dec 1 | Accounting JAMB
1/1/2010 – 31/12/2010 Creditors – #9,000 #9,800 Rent owing – #3,800 #2,500 Rates prepaid – #2,000 #3,500 Motor van – #8,000 #8,000 Premises – #10,000 #10,500 A. #8,700 B. #9,500 C. #9,700 D. #10,700 Correct Answer: Option C...
by Sunday | Dec 1 | Accounting JAMB
1/1/2010 31/12/2010 Creditors – #9,000 #9,800 Rent owing – #3,800 #2,500 Rates prepaid – #2,000 #3,500 Motor van – #8,000 #8,000 Premises – #10,000 #10,500 A. #5,700 B. #7,700 C. #9,800 D. #14,900 Correct Answer: Option B –...
by Sunday | Dec 1 | Accounting JAMB
A. purchases day book B. cash book C. income and expenditure account D. sales journal Correct Answer: Option B – cash book