Accounting equation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2006

Use the information below to answer question
Capital.................................N60 000
Bank....................................N12 500
General expenses........................N5 250
Creditors...............................N17 000
Stock...................................N98 500
Fixed assets............................N42 000
Insurance and rates.....................N18 800
Purchase................................N63 850
What is the cash balance on the debit side if it is the only item omitted?

A. N6745
B. N6754
C. N6475
D. N6574

Question 12:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
Find the value of the total assets?

A. N17 700
B. N10 500
C. N20 000
D. N15 400

Question 13:

• JAMB 2007

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?

A. N12 800
B. N4900
C. N8200
D. N9500

Question 14:

• JAMB 2007

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?

A. N2700
B. N2250
C. N1550
D. N2000

Question 15:

• JAMB 2007

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

A. A decraese in the total asssets by N5000
B. An incraese in the total liabilities and owners' equity by by N15 000
C. An increase in the total assets by N15 000
D. A decrease in owners' equuity by N5000