Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 16:

• JAMB 2004

In a sales ledger, contra entry is found on the?

A. Debit side of the debtors' control account
B. Debit side of the crebtors' control account
C. Creadit side of the debtors' control account
D. Creadit side of the credtors' control account

Question 17:

• JAMB 2004

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

A. N20,000
B. N60,000
C. N80,000
D. N120,000

Question 18:

• JAMB 2004

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?

A. N606
B. N786
C. N791
D. N856

Question 19:

• JAMB 2004

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

A. Revenue and expenditure account
B. Receipts and payments account
C. Profit and loss apporpriation account
D. Profit and loss account

Question 20:

• JAMB 2004

Use the information below to answer questions 23 and 24.
Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

A. N20,140
B. N10,240
C. N8,140
D. N7,240