Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1066:

• JAMB 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

A. #45,000
B. #39, 000
C. #35,000
D. #46,000

Question 1067:

• JAMB 2016

A receipt is an evidence of

A. Payments
B. Stocking
C. Delivery
D. Discounts

Question 1068:

• JAMB 2016

Turaki Youth Club Income and Expenditure for the year ended 31/12/04
# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

A. #10,500
B. #13,500
C. #13,890
D. #9,500

Question 1069:

• JAMB 2016

An organization which has records of only personal accounts is said to be operating on the basis of

A. Single entry
B. Real accounts
C. Nominal accounts
D. Double entry

Question 1070:

• JAMB 2016

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A. #2,400
B. #3,000
C. #9,800
D. #1,400