Conversion of single entry to double entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2004

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

A. Revenue and expenditure account
B. Receipts and payments account
C. Profit and loss apporpriation account
D. Profit and loss account

Question 7:

• JAMB 2015

Use the information below to answer this question
SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Determine the closing capital 31/12/2014

A. 17,500
B. 38,200
C. 20,700
D. 27,200

Question 8:

• JAMB 2015

Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.

A. 27,150
B. 43,350
C. 16,200
D. 34,350

Question 9:

• JAMB 2018

In dealing with incomplete record, fixed assets are posted to___________-

A. Profit and loss account as brought forward figure
B. Closing balance sheet as carried forward figure
C. Closing balance sheet as brought forward figure
D. Profit and loss as carried forward figure

Question 10:

• JAMB 2018

for an incomplete record to provide necessary information, it must be converted to?

A. Double entry
B. Single entry
C. Complete records
D. Statement of affairs