Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 506:

• 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 net book value of the piece of equipment at the time of sale was?

A. N96 000
B. N48 000
C. N36 000
D. N24 000

Question 507:

• JAMB 2005

The item that are contained in the bought ledger control account are?

A. Discount allowed, bad debts and purchases
B. Dishonoured cheques, returns inwards and sales
C. Returns outwards, bad debts outewards and sales
D. Discount received, returns outwards and purchases

Question 508:

• JAMB 2005

Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400
The balance of the purchases ledger control account is?

A. N10390
B. N9990
C. N9590
D. N9010

Question 509:

• JAMB 2005

Which of the following item is found on the credit side of the sales ledger control account?

A. Discount received
B. Dishonoured cheques
C. Credit sals
D. Bills receivable

Question 510:

• JAMB 2005

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?

A. N22 320
B. N17 200
C. N12 080
D. 5 120