Principles of Double Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 56:

• JAMB 2001

Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000
What is the purchases ledger balance?

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

Question 57:

• JAMB 2001

The correct entry to reflect the receipt of cash sent by a branch to a head office is?

A. Debit cash and credit branch current account
B. Debit branch, current account and credit cash
C. Credit branch, debtors and debit cash
D. Credit branch current account and debit branch debtors

Question 58:

• JAMB 2002

An entry in a subsidiary book which does not form part of the double entry system is a?

A. Contra entry
B. Journal entry
C. Single entry
D. Memorandum entry

Question 59:

• JAMB 2002

(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?

A. Iii and iv
B. I and ii
C. I and iii
D. Ii and iii

Question 60:

• JAMB 2002

The normal accounting entry to record the dishonor of a businessman is to?

A. Debit cash book and credit suspense account
B. Debit cash book and credit drawer
C. Credit caah book and debit suspense account
D. Credit cash book and debit drawer