Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 301:

• JAMB 2001

If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?

A. Capital receipt
B. Revenue receipt
C. Windfall receipt
D. Miscellaneous receipt

Question 302:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?

A. N2,900,000
B. N3,800,000
C. N3,900,000
D. N4,000,000

Question 303:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?

A. N450,000
B. N250,000
C. N150,000
D. N100,000

Question 304:

• JAMB 2001

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?

A. Bad debt
B. Trade discount
C. Premium
D. Cash discount

Question 305:

• JAMB 2001

Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?

A. N3,000
B. N6,000
C. N10,000
D. N13,000