Jamb Accounts - Principles of Accounts 2017 Past Questions and Answers

Question 31:

• JAMB 2017

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
Determine the discount allowed by Department A

A. ₦5,000
B. ₦9,375
C. ₦5,625
D. ₦8,000

Question 32:

• JAMB 2017

The accounting entries for goods stolen in branch will be to debit

A. The accounting entries for goods stolen in branch will be to debit
B. Branch stock account and credit branch adjustment account
C. Branch adjustment account and credit profit and loss account
D. Branch adjustment account and credit branch stock account

Question 33:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)
The balance as per bank statement is

A. ₦21,901
B. ₦19,021
C. ₦21,109
D. ₦21,091

Question 34:

• JAMB 2017

The following appears in trading account except

A. Sales
B. Carriage outward
C. Carriage inward
D. Opening stock

Question 35:

• JAMB 2017

Goodwill can be created in the books of a partnership firm when

A. The partnership experiences super profit
B. A new member is admitted
C. The business is being expanded
D. The business suffers high loss