Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1316:

• JAMB 2021

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

A. Cash and credit stationery
B. Purchases and credit stationery
C. Stationery and credit purchases
D. Stationery and credit cash

Question 1317:

• JAMB 2021

Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?

A. ₦5,480,000
B. ₦6,480,000
C. ₦8,480,000
D. ₦7,380,000

Question 1318:

• JAMB 2021

A source document is used for verifying the

A. Amount due from debtors
B. Amount due to creditors
C. Selling price of goods
D. Actual cost of an asset

Question 1319:

• JAMB 2021

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A. ₦130,000
B. ₦75,000
C. ₦80,000
D. ₦125,000

Question 1320:

• JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
Determine the adjusted net profit

A. ₦202,000
B. ₦210,000
C. ₦195,000
D. ₦184,000