Jamb Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 21:

• JAMB 1998

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.

A. N40,935
B. N27,961
C. N26,685
D. N1,185

Question 22:

• JAMB 1998

Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

A. N7,200
B. N98,800
C. N100,000
D. N105,800

Question 23:

• JAMB 1998

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

A. N6,800
B. N153,000
C. N154,200
D. N159,800

Question 24:

• JAMB 1998

The statement of affairs prepared from incomplete records can be described as?

A. The summary of all the business transactions of the trader ascertained by the accountant
B. A balance sheet at a particular date showing the assets and liabilities of the business
C. A schedule of all the business ventures entered into for the period to which the records relates
D. The statement that shows the profit or loss made during the period

Question 25:

• JAMB 1998

The contribution marginal on a job is the?

A. Gross profit
B. Net profit
C. Excess of sales revnue over variable costs
D. Difference between fixed and variable costs