Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 16:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?

A. N450,000
B. N250,000
C. N150,000
D. N100,000

Question 17:

• JAMB 2001

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?

A. Bad debt
B. Trade discount
C. Premium
D. Cash discount

Question 18:

• JAMB 2001

Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?

A. N3,000
B. N6,000
C. N10,000
D. N13,000

Question 19:

• JAMB 2001

Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000
What is the purchases ledger balance?

A. N4,000
B. N23,000
C. N24,000
D. N29,000

Question 20:

• JAMB 2001

For an incomplete record to provide necessary information, it must be converted to?

A. Complete records
B. Double entry records
C. Statement of affairs
D. Single entry