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

Question 126:

• JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be

A. Debit capital and credit cash
B. Credit cash and debit bank
C. Debit cash and credit capital
D. Debit purchases and credit cash

Question 127:

• JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be

A. Debit Agromachinex and credit cash
B. Debit equipment and credit Agromachinex
C. Credit capital and debit cash
D. Credit cash and debit purchases

Question 128:

• JAMB 2013

The total credit sales for a period can be extracted from the

A. Cash book
B. Sales day book
C. Petty cash book
D. Returns inwards

Question 129:

• JAMB 2013

The major source document which enables an employer to calculate the employee wages is the

A. Nominal roll of employees
B. Record of number of hours worked
C. Effort of the employee
D. Record of number of dependants per employee

Question 130:

• JAMB 2013

The corresponding entry of personal accounts found in the debit side of the cash is to

A. Credit real accounts
B. Debit real accounts
C. Credit the ledger
D. Debit the ledger