Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1046:

• JAMB 2015

What is the ledger entry for sale of generator on credit to Patrick?

A. Credit sales account and debit Patrick’s account
B. Credit generator account and debit cash account
C. Credit sales account and debit cash account
D. Credit generator account and debit Patrick’s account

Question 1047:

• JAMB 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

A. N7950
B. N8050
C. N7050
D. N8950

Question 1048:

• JAMB 2015

Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

A. N1.183
B. N1.025
C. N1.00
D. N1.05

Question 1049:

• JAMB 2015

Income and expenditure account is more detailed than receipts and payments account because it disclosed

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 1050:

• JAMB 2015

Capital reserves includes the following except

A. Revaluation surplus
B. Pre-incoporation profit
C. Share premium
D. General reserves