Jamb Accounts - Principles of Accounts 2015 Past Questions and Answers

Question 16:

• JAMB 2015

Using LIFO method of stock valuation, analyze the issue quantities and their prices

A. 260 units at N1.50
B. 700 units at N1.50
C. 200 units at N1.50 and 500 units at N1.00
D. 350 units at N1.50 and 350 units at N1.00

Question 17:

• JAMB 2015

CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

A. N9, N1740; N120
B. N90, N990
C. N90, N870; N120
D. N80, N750

Question 18:

• JAMB 2015

The ledger entries to be made if cash sales is banked is debit

A. Cash, credit sales
B. Sales, credit cash
C. Bank, credit cash
D. Bank, credit sales

Question 19:

• JAMB 2015

In a bank reconciliation statement, Dishonoured cheques is added to

A. Unpresented cheques
B. Uncredited cheques
C. Statement of account
D. Aggregate balanace as per cash book

Question 20:

• JAMB 2015

Which of the following is a debit entry in debtors control account?

A. Discount allowed
B. Return inwards
C. Credit sales
D. Cash from debtors