2019 - JAMB Accounting Past Questions and Answers - page 8

One of the limitations of accounting is that

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

In the preparation of account, the owners of the business and the business concerned are treated as:

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units at ₦2.00 each
Feb 3 purchased 100 units at ₦1.00 each
Feb 4 issued 120 units at ₦5.00 each
Feb 5 purchased 50 units at ₦3.00 each
Feb 6 issued 100 units at ₦4.00 each

A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque.

The profit and loss in joint venture with B account in the ledger of A.