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Accounts - Principles of Accounts Past Questions

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2361

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

  • A. Saka's account and credit discount received account
  • B. Alaka's account and credit discount received account
  • C. Discount received account and credit Alaka's account
  • D. Discount allowed account and credit Alaka's account
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Use the information below to answer the question that follows,

A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
2362
If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?
  • A. N11,000
  • B. N7,000
  • C. N4,000
  • D. N24,000
View Answer & Discuss (1) JAMB 2016
2363
The yearly depreciation using the straight line method would be?
  • A. N5,200
  • B. N6,500
  • C. N8,800
  • D. N4,400
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Use the information below to answer the question that follows

\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)
2364
What is the total sales for the period?
  • A. N37,000
  • B. N36,000
  • C. N35,000
  • D. N40,500
View Answer & Discuss (1) JAMB 2016
2365
What is the total purchase for the period?
  • A. N30,200
  • B. N30,000
  • C. N25,000
  • D. N31,200
View Answer & Discuss JAMB 2016
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