The ledger and its classifications - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 56:

• JAMB 2019

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

A. Tosanwumi International, credit purchase Account
B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
D. Tosanwumi International ₦150,000, credit credit Account ₦150,000

Question 57:

• JAMB 2019

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

A. Increase in assets of motor vehicle account
B. Decrease in assets of motor vehicle account
C. Increase in assets of bank account
D. Increase in liabilities of bank account

Question 58:

• JAMB 2019

A proprietor withdraws cash from the business for private use, he

A. Credits cash account and debits bank account
B. Credits cash account and debits drawing A/C
C. Debits cash account and credits drawings account
D. Debits bank account and credits drawings account

Question 59:

• JAMB 2019

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

A. Debit rent account, Credit bank account
B. Debit Rent account, Credit Samson's account
C. Debit Bank account, Credit Rent account
D. Debit Samson's account, Credit Rent account