Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 346:

• JAMB 2002

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?

A. N20400
B. N20465
C. N35695
D. N19820

Question 347:

• JAMB 2002

Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?

A. N110,000
B. N105,000
C. N101,000
D. N100,000

Question 348:

• JAMB 2002

Use the information below to answer questions 9 and 10.
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?

A. N180,000
B. N181,000
C. N177,000
D. N110,000

Question 349:

• JAMB 2002

The normal accounting entry to record the dishonor of a businessman is to?

A. Debit cash book and credit suspense account
B. Debit cash book and credit drawer
C. Credit caah book and debit suspense account
D. Credit cash book and debit drawer

Question 350:

• JAMB 2002

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?

A. N8m
B. N10m
C. N15m
D. N20m