Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1096:

• JAMB 2016

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

A. Saka's account and credit discount received account
B. Alaka's account and credit discount received account
C. Discount received account and credit Alaka's account
D. Discount allowed account and credit Alaka's account

Question 1097:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

A. N11,000
B. N7,000
C. N4,000
D. N24,000

Question 1098:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


The yearly depreciation using the straight line method would be?

A. N5,200
B. N6,500
C. N8,800
D. N4,400

Question 1099:

• JAMB 2016

Use the information below to answer the question that follows
\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)


What is the total sales for the period?

A. N37,000
B. N36,000
C. N35,000
D. N40,500

Question 1100:

• JAMB 2017

Which of these accounts is dissolution expenses credited?

A. Partners capital account
B. Revaluation account
C. Partners current account
D. Realization account