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Accounts - Principles of Accounts JAMB Past Questions

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1121
Discount allowed is enjoyed by
  • A. Managers
  • B. Customers
  • C. Suppliers
  • D. Staff of the company
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1122

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)

Determine the discount allowed by Department A

  • A. ₦5,000
  • B. ₦9,375
  • C. ₦5,625
  • D. ₦8,000
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1123
The accounting entries for goods stolen in branch will be to debit
  • A. The accounting entries for goods stolen in branch will be to debit
  • B. branch stock account and credit branch adjustment account
  • C. branch adjustment account and credit profit and loss account
  • D. branch adjustment account and credit branch stock account
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1124
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)

The balance as per bank statement is
  • A. ₦21,901
  • B. ₦19,021
  • C. ₦21,109
  • D. ₦21,091
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1125
The following appears in trading account except
  • A. sales
  • B. carriage outward
  • C. carriage inward
  • D. opening stock
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