The accounting entries used to record a cheque issued by a business is to?

debit cash book and credit drawer

credit cash book and debit drawer

debit cash book and credit suspense account

credit cash book and debit suspense account

In the absence of a partnership deed, the act stipulates that____________

Interest should not be allowed on partners drawings

An amount should be fixed as salaries for partners

Profits and losses should not be shared equally

Interest on partner’s loan should be 25%

Interest should not be allowed on partners drawings

The control account is used in facilitating?

the various location of errors in the various accounts

the payment of debts and liabilities of the firm

assets distribution with respect to income

Departmentalization of accounts is useful because it shows the____________

Over all performance of a division

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

Sule1/3, Ahmed1/3, Khadija 1/3.

To account for expenses paid by head office on behalf of the branch, the branch should___________

Debit profit and loss account and credit head office account

Debit head office account and credit cash

Credit cash and debit profit and loss account

Credit profit and loss account and debit head office account

JAMB UTME - Principles of Accounts - 2018

Question 1 Report

In dealing with incomplete record, fixed assets are posted to___________-

Profit and loss account as brought forward figure

Closing balance sheet as carried forward figure

Closing balance sheet as brought forward figure Correct answer

Profit and loss as carried forward figure

Answer Details

In dealing with incomplete records, fixed assets are typically posted to the closing balance sheet as a brought forward figure. This means that the fixed asset is recorded as an asset at the beginning of the accounting period and is carried forward until the end of the period. The asset is then included in the closing balance sheet, which provides a snapshot of the company's financial position at the end of the period. Since incomplete records do not provide a complete picture of the company's financial transactions, it can be difficult to determine the exact value of fixed assets. Posting fixed assets to the closing balance sheet as a brought forward figure provides a way to include the assets in the company's financial statements without the need for extensive record-keeping or complicated calculations. By posting fixed assets to the closing balance sheet, it is easier to calculate the net worth of the company, which is an important indicator of financial health. This information can be used by investors, creditors, and other stakeholders to make informed decisions about the company.

Read lesson note on Incomplete Records And Single Entry (JAMB)

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

	₦
Stock at branch 1st January at cost	400
Goods sent to branch at cost	8000
Returns to head office	340
Cash sales	9160
Stock at branch 31st December at cost	720

	N
Direct material	2,500
Direct labour	5,000
Direct expenses	1,000
Overhead expenses	1,500

	N
Creditors	7,940
Prepaid expenses	290
Accrual expenses	323
Stock	4,500
Cash balances	4,956
Debtors	905

	₦			₦
Opening Stock	32,000		Sales	48,000
Purchases	40,000		Less Return	2,000
Carriage inwards	1,000
		41,000
Less Return	2,000	39,000
Cost of goods available		??
Less closing stock		9,000
Cost of goods sold		??

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000

Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

N	N
Capital 39,000	Land 20,000
Long Term Loan 15, 000	Building 30,000
Creditors 9,000	Stock 40,000
	Debtors 6,000
Accrued wages 5,000	Cash 8, 000
68,000	68,000






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Tanko Ltd had Earnings per share 47k
Dividends per share 30k
Per value of each share N1.20
market price per share NM1.50