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

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.

The major source of document which enables employer to calculate the employee wages is the?

records of number of hours worked

Record of independence per employee

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

Ibeere 1 Ìròyìn

Which of the following is a common cause of a discrepancy between head office and branch trial office________

Stock and repayment

Creditors and cash in transit

Stock and cash in transit

Debtors and cash in transit

Awọn alaye Idahun

Stock and cash in transit is a common cause of a discrepancy between head office and branch trial office. This is because stock and cash in transit are two types of assets that are often not recorded accurately in the accounts. Stock can be difficult to value and count accurately, especially if it is in transit between the head office and the branch. Cash in transit refers to cash that is in the process of being transferred between the head office and the branch, and may not be recorded in either account until it has arrived at its destination. If the stock or cash in transit is not recorded accurately, it can result in a discrepancy between the head office and branch trial balance. For example, if the branch has recorded the stock as received, but the head office has not yet recorded it as sent, the branch will have a higher stock value than the head office. Similarly, if the branch has recorded cash in transit as received, but the head office has not yet recorded it as sent, the branch will have a higher cash balance than the head office. , which suggests stock and repayment, is incorrect because repayment is not directly related to a discrepancy between head office and branch trial balance. , which suggests creditors and cash in transit, is also incorrect because creditors are liabilities and not directly related to the assets that are in transit between head office and branch. , which suggests debtors and cash in transit, is also incorrect because debtors are not assets that are in transit between head office and branch, and therefore not a common cause of discrepancy between head office and branch trial balance.

Ka ìwé ẹ̀kọ́ nípa Departmental And Branch Accounts (WAEC)

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

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

	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

	Total	P	Q		Total	P	Q
	₦	₦	₦		₦	₦	₦
Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
Purchase	4,000	2,500	1,500	Closing Stock	2,000	1,500	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

	?
Balance as per cashbook	13560
Unpresented cheques	5120
Dividend received	2000
Uncredited cheque	2300
Bank charges	280
Standing order	600
Balance as per bank statement	?






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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