Control Accounts and Self-balancing Ledgers - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 1999

The principal function of a sales ledger control account is to?

A. Serve as internal check and provide quick information for the preparation of interim financial statements
B. Serve as external check and provide quick information for the preparation of interim financial statements
C. Provide quick information for the preparation of customers' statement
D. Provide information for the control of salesmen's activities

Question 12:

• JAMB 1999

Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is

A. N 480,000
B. N490000
C. N 500,000
D. N540,000

Question 13:

• JAMB 1999

Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
What is the balance c/d in the purchases ledger control account?

A. N 2,000
B. N 8, 000
C. N 40, 000
D. N49,000

Question 14:

• JAMB 2000

Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?

A. N24,577
B. N13,877
C. N7,067
D. N2,890

Question 15:

• JAMB 2000

Amin Ltd. Creditor Ledger Control Account (Extracts)
Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

A. N 41,000
B. N65,000
C. N71,000
D. N77,000