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

Question 86:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?

A. N12 800
B. N4900
C. N8200
D. N9500

Question 87:

• JAMB 2007

Journal proper is used in recording?

A. Transactions that are not regular
B. Returns from customers
C. Credit sales
D. The receipt and payment for money

Question 88:

• JAMB 2007

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?

A. N2700
B. N2250
C. N1550
D. N2000

Question 89:

• JAMB 2007

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?

A. N6600
B. N6650
C. N5600
D. N5900

Question 90:

• JAMB 2007

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

A. A decraese in the total asssets by N5000
B. An incraese in the total liabilities and owners' equity by by N15 000
C. An increase in the total assets by N15 000
D. A decrease in owners' equuity by N5000