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

Question 26:

• 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.
What is the actual profit or loss arising from the vehicle disposed of?

A. N250 000 loss
B. N50 000 loss
C. N450 000 profit
D. N575 000 profit

Question 27:

• JAMB 2003

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?

A. N36 000
B. N18 000
C. N12 000
D. N6 000

Question 28:

• JAMB 2003

Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?

A. N295 000
B. N265 000
C. N245 000
D. N215 000

Question 29:

• JAMB 2004

The balance on the provision for depreciation account is?

A. Added to fixed assets on the balance sheet
B. Deducted from the fixed assets on the balance sheet
C. Deducted from the profitand loss account
D. Added to current liabilities of the account

Question 30:

• JAMB 2004

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

A. N345
B. N750
C. N1,380
D. N1,500