• Difficult Questions from Account JAMB 2014

    Principle of Account

    Admin Admin
    23-01-2016 16:41:00 +0000

    The 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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