Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 616:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?

A. N900
B. N900 000
C. N90 000
D. N9 000

Question 617:

• JAMB 2007

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?

A. I, ii and iii
B. I and iii
C. Ii and iii
D. I and ii

Question 618:

• JAMB 2007

Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?

A. N1000
B. N3000
C. N900
D. N1500

Question 619:

• JAMB 2007

Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?

A. N2000
B. N800
C. N3000
D. N1900

Question 620:

• JAMB 2007

The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?

A. What the debtor of a business enterprise owed the business
B. The total amount which each debtor owed the business
C. What a business enterprise owed its creditors
D. The amount whicih a business enterprise owed creditor