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Accounts - Principles of Accounts 1997 JAMB Past Questions

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11
When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as
  • A. uncredited cheques
  • B. dishonoured cheques
  • C. direct remittance to the bank
  • D. unpresented cheques
View Answer & Discuss JAMB 1997
12

An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?

  • A. N700
  • B. N770
  • C. N800
  • D. N822
View Answer & Discuss (2) JAMB 1997
13
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?
  • A. N14,583
  • B. N25,000
  • C. N35,417
  • D. N37,415
View Answer & Discuss (2) JAMB 1997
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14
On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?
  • A. debit rent account and credited adjustment account
  • B. debit prepayment account and credit rent account
  • C. debit rent account and credit prepayment account
  • D. debit adjustment account and credit prepayment account
View Answer & Discuss JAMB 1997
15
The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to
  • A. N576
  • B. N588
  • C. N600
  • D. N624
View Answer & Discuss JAMB 1997
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