2021 - JAMB Accounting Past Questions and Answers - page 4

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

Determine the adjusted net profit

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

The principle of double entry system ensures

The interest on partner's loan is

Which of the following is a debit item in the purchase ledger control account?

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

Given:
                        Lankoh Company Ltd
                                                      ₦
Stock                                        3,600,000
Cash at hand                               800,000
Cash in bank                            2,400,000
Debtors                                       580,000
Trade creditors                           920,000
Bank overdraft                            200,000
Tax liabilities                               600,000
Salary owed to staff                    180,000

What is the working capital?