Principles of Double Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 171:

• JAMB 2018

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


what is the purchase ledger balance?

A. N29,000
B. N24,000
C. N4,000
D. N23,000

Question 172:

• JAMB 2019

Transactions are recorded or posted to the ledger in line with

A. Accounting Concept
B. Source document
C. Double Entry Principle
D. Data collection

Question 173:

• JAMB 2019

Transactions are recorded or posted to the ledger in line with

A. Accounting Concept
B. Source document
C. Double Entry Principle
D. Data collection

Question 174:

• JAMB 2019

Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 à— 7 by cheque.

A. Dr Rent A/c; Dr Bank A/c
B. Dr Bank A/c; Cr Rent A/c
C. Dr Rent A/c; Cr Bank A/c
D. Dr Rent A/c; Cr Mr. Roi

Question 175:

• JAMB 2019

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

A. Double entry system
B. Ledger
C. Cash Book
D. Petty Cash Book