The ledger and its classifications - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2016

When stock is withdrawn for personal use, the accounting entries is to debit

A. Stock account credit drawings
B. Drawing account, credit stock account
C. Personal account credit cash account
D. Cash account, credit personal account

Question 47:

• JAMB 2016

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

A. Saka's account and credit discount received account
B. Alaka's account and credit discount received account
C. Discount received account and credit Alaka's account
D. Discount allowed account and credit Alaka's account

Question 48:

• JAMB 2018

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


calculate the sales ledger balance

A. N13,000
B. N10,000
C. N 6,000
D. N3,000

Question 49:

• JAMB 2018

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


what is the purchase ledger balance?

A. N29,000
B. N24,000
C. N4,000
D. N23,000

Question 50:

• JAMB 2019

Transactions are recorded or posted to the ledger in line with

A. Accounting Concept
B. Source document
C. Double Entry Principle
D. Data collection