Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1371:

• JAMB 2020

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A. ₦250
B. ₦570
C. ₦850
D. ₦600

Question 1372:

• JAMB 2020

Given ₦
Stock (1/4/94) 800
Purchases of flour 2,450
Sales 4,745
Wages of bakery staff 675
Carriage outwards 50
Salary of administrative staff 225
Stock (31/3/95) 940
Capital 1,540
Calculate the cost of goods sold.

A. ₦3,925
B. ₦3,250
C. ₦2,985
D. ₦2,575

Question 1373:

• JAMB 2020

In a control account, provision for bad debts is found on the

A. Credit side of the sales ledger control account
B. Debit side of the purchases ledger control açcount
C. Debit side of the sales ledger control account
D. Credit side of the purchases ledger control account

Question 1374:

• JAMB 2020

The rule of accounting equation requires that account payable should be placed under

A. Equities
B. Assets
C. Capital
D. Liabilities

Question 1375:

• JAMB 2020

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
How much should the petty cashier receive after period 2?

A. ₦150
B. ₦350
C. ₦250
D. ₦500