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

Question 121:

• JAMB 2012

Akirika bought a motor van for his business by cash. The entries are to debit

A. Motor van and credit Akirika
B. Sales and credit Akrika
C. Motor van and credit cash
D. Cash and credit motor van

Question 122:

• JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

A. Sugar account #12,000 and credit Jide #12,000
B. Jide #12,000 and credit sales account #12,000
C. Ibrahim #12,000 and credit Jide #12,000
D. Sugar account #12,000 and credit Ibrahim #12,000

Question 123:

• JAMB 2012

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit

A. Purchases #12,000 and credit Ibrahim #12,000
B. Purchases #12,000 and credit sugar account #12,000
C. Jide #12,000 and credit purchases
D. Ibrahim #12,000 and sugar account #12,000

Question 124:

• JAMB 2012

Which of the following is an item of special assets?

A. Fixed assets
B. Current assets
C. Trademark
D. Gratuity

Question 125:

• JAMB 2012

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital

A. #10,000
B. #42,000
C. #45,000
D. #52,000