Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1131:

• JAMB 2017

The accounting entries for goods stolen in branch will be to debit

A. The accounting entries for goods stolen in branch will be to debit
B. Branch stock account and credit branch adjustment account
C. Branch adjustment account and credit profit and loss account
D. Branch adjustment account and credit branch stock account

Question 1132:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)
The balance as per bank statement is

A. ₦21,901
B. ₦19,021
C. ₦21,109
D. ₦21,091

Question 1133:

• JAMB 2017

The following appears in trading account except

A. Sales
B. Carriage outward
C. Carriage inward
D. Opening stock

Question 1134:

• JAMB 2017

Goodwill can be created in the books of a partnership firm when

A. The partnership experiences super profit
B. A new member is admitted
C. The business is being expanded
D. The business suffers high loss

Question 1135:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?

A. ₦3850
B. ₦6650
C. ₦1550
D. ₦6850