Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 46:

• JAMB 2007

Given:
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?

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

Question 47:

• JAMB 2007

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

A. N20
B. N40
C. N400
D. N200

Question 48:

• JAMB 2007

If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was

A. N9 000
B. N20 000
C. N 1000
D. N17 000

Question 49:

• JAMB 2007

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

A. N 1400
B. N6 600
C. N16 600
D. N18 600

Question 50:

• JAMB 2007

Given:
Calculate the surplus income.

A. N45 000
B. N44 000
C. N30 000
D. N14 000