Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 156:

• JAMB 1998

A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?

A. N22,400
B. N32,000
C. N51,200
D. N76,800

Question 157:

• JAMB 1998

On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation with an estimates eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N8000. In recording this sales, it should reflect?

A. N10,000 loss
B. N2,000 loss
C. N6,000 gain
D. N8,000 gain

Question 158:

• JAMB 1998

The balance on a purchase ledger control account represents the?

A. Present amount that a business owes its suppliers at date
B. Total credit avaiable to the end of the year to be utilized in future
C. Total credit the business enjoyed for the particular year from its suppliers
D. Total credit owd the business by its customers

Question 159:

• JAMB 1998

A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?

A. Total debtors account
B. Purchase day book
C. Sales day book
D. Cash book

Question 160:

• JAMB 1998

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.

A. N40,935
B. N27,961
C. N26,685
D. N1,185