Adjustments - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 51:

• JAMB 2015

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

A. N2, 800
B. N1, 000
C. N2, 500
D. N3, 000

Question 52:

• JAMB 2015

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

A. Appreciation
B. Amortization
C. Provisions
D. Depreciation

Question 53:

• JAMB 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A. #45,000
B. #39, 000
C. #35,000
D. #46,000

Question 54:

• JAMB 2016

The costs of acquiring fixed assets and bringing them into the firm is a

A. General expenses
B. Recurrent expenditure
C. Revenue expenditure
D. Capital expenditure

Question 55:

• JAMB 2016

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

A. #300
B. #400
C. #600
D. #200