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

Question 96:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?

A. N20 600
B. N15 200
C. N13 800
D. N11 600

Question 97:

• JAMB 2009

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

A. Telephone N3,500 credit XYZ and KLM, N3,500
B. Telephone N3,500, credit cash N3,500
C. Sundries N3,500, credit KLM N3,500
D. Sundries N3,500, credit telephone N3,500

Question 98:

• JAMB 2009

Given:
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?

A. N4 690 000
B. N2 620 000
C. N2 520 000
D. N1 565 000

Question 99:

• JAMB 2009

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

A. Increase in assets and increase in capital
B. Increase in liabilities and decrease in capital
C. Decrease in capital and increase in assets
D. Decrease in capital and decrease in assets

Question 100:

• JAMB 2009

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?

A. I and ii
B. Iv and v
C. Iii and v
D. Ii and iv