Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 56:

• JAMB 2015

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

A. N2, 800
B. N1, 000
C. N2, 500
D. N3, 000

Question 57:

• JAMB 2015

Use the information below to answer this question.
A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

A. N2
B. N0.80
C. N0.60
D. N0.50

Question 58:

• JAMB 2015

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?

A. N1, 605
B. N875
C. N2, 450
D. N1, 300

Question 59:

• JAMB 2015

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

A. Appreciation
B. Amortization
C. Provisions
D. Depreciation

Question 60:

• JAMB 2015

To realize an asset means to

A. Mortgage it
B. Open its account in the ledger
C. Turn it to cash
D. Give it out as a collateral