Adjustments - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2002

In preparing the final accounts, the bad debt account is closed by a transfer to the?

A. Balance sheet
B. Provision for bad debt account
C. Profit and loss account
D. Trading account

Question 22:

• JAMB 2002

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?

A. N950
B. N970
C. N430
D. N380

Question 23:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?

A. N5000
B. N1900
C. N1000
D. N950

Question 24:

• JAMB 2003

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?

A. Cash and credit bank
B. Bank and credit cash
C. Cash and credit cash
D. Bank and credit bank

Question 25:

• JAMB 2003

Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

A. N280,000
B. N289,000
C. N250,000
D. N340,000