Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 416:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?

A. N260 000
B. N233 000
C. N155 000
D. N100 000

Question 417:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?

A. N300 000
B. N293 000
C. N193 000
D. N133 000

Question 418:

• JAMB 2003

Receipts and payments accounts is the summary of?

A. Income and expenditure
B. Cash book
C. Balance sheet
D. Profit and loss

Question 419:

• 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 420:

• JAMB 2003

Which of these is a capital expenditure warrant?

A. Provisional general warrant
B. Development fund general warrant
C. Reserved expenditure general warrant
D. Supplementary warrant