The ledger and its classifications - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 36:

• JAMB 2013

July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be

A. Debit Agromachinex and credit cash
B. Debit equipment and credit Agromachinex
C. Credit capital and debit cash
D. Credit cash and debit purchases

Question 37:

• JAMB 2013

The corresponding entry of personal accounts found in the debit side of the cash is to

A. Credit real accounts
B. Debit real accounts
C. Credit the ledger
D. Debit the ledger

Question 38:

• JAMB 2013

Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit


A. Discount recieved account and credit Alaka's account
B. Alaka's account and credit discount recieved account
C. Saka's account and credit discount recieved account
D. Discount allowed account and credit Alaka's account

Question 39:

• JAMB 2013

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit


A. Sales account and credit bank account
B. Purchases and credit bank account
C. Cash and credit freehold
D. Bank and credit freehold

Question 40:

• JAMB 2014

A ledger is classified into

A. Private, sales and purchases
B. Personal, general and private
C. General, private and sales
D. Sales, purchases and general