Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 501:

• JAMB 2005

A rent received by a trader for sub-letting part of his business premises should be added to the?

A. Gross profit
B. Total profit
C. Net profit
D. Total revenue

Question 502:

• JAMB 2005

In a three-column cash book,the discount allowed is shown on the?

A. Debit side
B. Credit side
C. Folio column
D. Memorandum column

Question 503:

• JAMB 2005

Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

A. N800
B. N1000
C. N1800
D. N2000

Question 504:

• JAMB 2005

Goods withdraw from business for private use are credited to?

A. Drawings
B. Purchases
C. Sales
D. Capital

Question 505:

• JAMB 2005

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?

A. N12 000
B. N60 000
C. N72 000
D. N84 000