Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 6:

• JAMB 2008

Given:
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?

A. N64 300
B. N46 825
C. N41 850
D. N33 325

Question 7:

• JAMB 2008

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

A. Cash and credit stationery
B. Purchase and credit stationery
C. Stationery and credit cash
D. Stationery and credit purchases

Question 8:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?

A. I and v
B. Ii and iv
C. Ii and vi
D. Iii and iv

Question 9:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

A. I and ii
B. I and v
C. Ii and iv
D. Iii and v

Question 10:

• JAMB 2008

Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?

A. N71 250 credit
B. N71 250 debit
C. N95 000 credit
D. N95 000 debit