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

Question 56:

• JAMB 2016

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A. #744,800
B. #760,000
C. #784,000
D. #744,000

Question 57:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

A. N11,000
B. N7,000
C. N4,000
D. N24,000

Question 58:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


The yearly depreciation using the straight line method would be?

A. N5,200
B. N6,500
C. N8,800
D. N4,400

Question 59:

• JAMB 2016

Use the information below to answer the question that follows
\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)


What is the total sales for the period?

A. N37,000
B. N36,000
C. N35,000
D. N40,500

Question 60:

• JAMB 2018

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

A. Cash account
B. Purchase account
C. Goodwill account
D. Sales account