Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 1:

• JAMB 2000

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500

Question 2:

• JAMB 2000

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500

Question 3:

• JAMB 2000

To write off bad debt, debt?

A. Debtor's account and credit provision for bad debt
B. Bad debt account and credit debtor's account
C. Debtor's account credit bad debt
D. Provision for bad debt account and credit debtor's account

Question 4:

• JAMB 2000

In order to make the cash book balance equal to the bank statement, it is usual to add?

A. Uncredited cheques
B. Direct payments by bank
C. Bank charges
D. Unpresented cheques

Question 5:

• JAMB 2000

Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?

A. N12,500
B. N10,000
C. N8,000
D. N7,500