Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 11:

• JAMB 2005

five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier ata the end of period 1?

A. N50
B. N200
C. N300
D. N450

Question 12:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column

Question 13:

• JAMB 2005

A rent received by a trader for sub-letting part of his business premises should be added to the?

A. Gross profit
B. Total profit
C. Net profit
D. Total revenue

Question 14:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column

Question 15:

• JAMB 2005

Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

A. N800
B. N1000
C. N1800
D. N2000