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

Question 31:

• JAMB 2004

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

A. N20,000
B. N60,000
C. N80,000
D. N120,000

Question 32:

• JAMB 2005

Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

A. N800
B. N1000
C. N1800
D. N2000

Question 33:

• JAMB 2005

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?

A. N12 000
B. N60 000
C. N72 000
D. N84 000

Question 34:

• JAMB 2005

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?

A. N96 000
B. N48 000
C. N36 000
D. N24 000

Question 35:

• JAMB 2006

Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.

A. N11 000
B. N11 200
C. N11 400
D. N11 300