Accounts - Principles of Accounts Past Questions

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121

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500

Prepare the sales ledger control account and determine the balance due from debtors.

A. N40,935
B. N27,961
C. N26,685
D. N1,185

View Answer & Discuss (2) JAMB 1998

122

Determine the year''s purchase from the following information relating to a firm.

Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

A. N7,200
B. N98,800
C. N100,000
D. N105,800

View Answer & Discuss (1) JAMB 1998

123

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.

Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

A. N6,800
B. N153,000
C. N154,200
D. N159,800

View Answer & Discuss JAMB 1998

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124

The statement of affairs prepared from incomplete records can be described as?

A. the summary of all the business transactions of the trader ascertained by the accountant
B. a balance sheet at a particular date showing the assets and liabilities of the business
C. a schedule of all the business ventures entered into for the period to which the records relates
D. the statement that shows the profit or loss made during the period

View Answer & Discuss (1) JAMB 1998

125

The contribution marginal on a job is the?