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Difficult Questions from Account JAMB 2014
Principle of Account
Admin Admin
23-01-2016 16:41:00 +0000The questions below presented a challenge for most of the students that attempted them. Lets all attempt to answer them.
Question 38) Hussaina enterprises sent goods worth ₦800,000 at cost plus mark-up of 25% to its branch
What is the cost price of the goods sent to the branch?
A. ₦600,000
B. ₦620,000
C. ₦640,000
D. ₦700,000
Question 47) Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were recieved for 900,000 shares at 25k each.
Determine the amount received on application and allotment.
A. ₦224,950
B. ₦225,000
C. ₦324,950
D. ₦325,000
Question 12) Petty cash book records transactions on
A. the debit side only
B. the credit side only
C. both credit and debit sides
D. reversed entry
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