Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 46:

• JAMB 2023

	₦		₦
Bal. b/f	3,250	Bal. b/f.	215
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23,430		23430
Bal b/d	4740	Bal b/d	230

Dr. Sales Ledger Control Account . Cr






The amount ₦16,378.50 described as "Bank" represents

A. Receipts from trade debtors only
B. Cash sales for the month including discount
C. Receipts from all debtors of the business
D. Cash sales for the month excluding discount

Question 47:

• JAMB 2023

Dr. Sales Ledger Control Account . Cr

	₦		₦
Bal b/f	3,250	Bal b/f	125
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23430		23430
Bal b/d	4740	Bal b/d	230

The amount ₦19,075 represents

A. The double entry for the total sales account
B. Total sales for the month
C. Credit sales
D. Cash sales for the month

Question 48:

• JAMB 2023

An advantage of FIFO method of stock valuation is that ____________

A. It is calculated at the end of the year
B. Its flow of cost is in sequence with the flow of stock
C. It is progressive in nature
D. It serves as a control during inflation

Question 49:

• JAMB 2023

When expenses are paid on behalf of the venture, the accounting entries is to debit

A. Expenses account and credit bank account
B. Bank account and credit joint venture account
C. Joint venture account and credit bank account
D. Joint venture account and credit expenses account

Question 50:

• JAMB 2023

The discount column on the left-hand side of cash book represents a discount

A. Received from a debtor
B. Allowed to a creditor
C. Allowed to a debtor
D. Received from a creditor