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

Question 81:

• JAMB 2006

Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?

A. N6745
B. N6754
C. N6475
D. N6574

Question 82:

• JAMB 2006

Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
Determine the total of the trial balance?

A. N123 325
B. N160 050
C. N166 525
D. N326 575

Question 83:

• JAMB 2006

LOAN IS 30% OF CREDITORS.
What is the capital balance?

A. N1000
B. N2 100
C. N900
D. N1200

Question 84:

• JAMB 2006

Which of the following is a journal as well as a ledger?

A. Nominal ledger
B. Sales day book
C. General ledger
D. Cash book

Question 85:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?

A. N17 700
B. N10 500
C. N20 000
D. N15 400