Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 11:

• JAMB 2004

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

A. N345
B. N750
C. N1,380
D. N1,500

Question 12:

• JAMB 2004

Where closing stock is undervalued, the effect is?

A. An increase in gross profit
B. A decrease in gross profit
C. An increase in purchases
D. A decrease in purchase

Question 13:

• JAMB 2004

The balancing figure in the purchases ledger control account is?

A. N15,828
B. N15,720
C. N14,940
D. N14,694

Question 14:

• JAMB 2004

The balancing figure in the purchases ledger control account is?

A. N15,828
B. N15,720
C. N14,940
D. N14,694

Question 15:

• JAMB 2004

Use the information below to answer questions 17 and 18.
Opening balance.............................N10,640
Purchases...................................N26,912
Returns inwards.............................N492
Returns outwards............................N810
Cash discount received......................N1,348
Cash discount allowed.......................N1,560
Cash paid to suppliers......................N20,808
At the year end, the purchases ledger showed a debit balance of N108.
The total on the debit side of the purchases ledger control account will be?

A. N22,966
B. N22,156
C. N21,834
D. N21054