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Accounts - Principles of Accounts Past Questions

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2331

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

  • A. #45,000
  • B. #39, 000
  • C. #35,000
  • D. #46,000
View Answer & Discuss (1) JAMB 2016
2332

A receipt is an evidence of

  • A. payments
  • B. stocking
  • C. delivery
  • D. discounts
View Answer & Discuss JAMB 2016
2333
Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?
  • A. #10,500
  • B. #13,500
  • C. #13,890
  • D. #9,500
View Answer & Discuss JAMB 2016
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2334

An organization which has records of only personal accounts is said to be operating on the basis of

  • A. single entry
  • B. real accounts
  • C. nominal accounts
  • D. double entry
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2335
A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?
  • A. #2,400
  • B. #3,000
  • C. #9,800
  • D. #1,400
View Answer & Discuss JAMB 2016
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