Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 41:

• JAMB 2006

LOAN IS 30% OF CREDITORS.
What is the capital balance?

A. N1000
B. N2 100
C. N900
D. N1200

Question 42:

• JAMB 2006

LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?

A. N8000
B. N2000
C. N4000
D. N6000

Question 43:

• JAMB 2006

Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of

A. N4000
B. N6000
C. N10000
D. N8000

Question 44:

• JAMB 2006

Which of the following is a journal as well as a ledger?

A. Nominal ledger
B. Sales day book
C. General ledger
D. Cash book

Question 45:

• JAMB 2006

On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was

A. N1 600
B. N4 100
C. N 6 600
D. N6 100