Jamb Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 16:

• JAMB 1997

The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

A. N576
B. N588
C. N600
D. N624

Question 17:

• JAMB 1997

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

A. N104,000
B. N128,000
C. N136,000
D. N144,000

Question 18:

• JAMB 1997

Given:
Net profit-----------------------N25,000
Cost of sale---------------------N25,000
Sales----------------------------N85,000
Determine the total expenses.

A. N45,000
B. N35,000
C. N25,000
D. N15,000

Question 19:

• JAMB 1997

Given: capital N13,000; office machinery, N9,000; creditors N900, stock of goods N1,550; debtors, N275; cash at bank, N5,075 and loan from Jumbo, N2,000. What is the balance sheet total?

A. N19,500
B. N18,500
C. N17,900
D. N15,900

Question 20:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A. Debit rent account and credited adjustment account
B. Debit prepayment account and credit rent account
C. Debit rent account and credit prepayment account
D. Debit adjustment account and credit prepayment account