Jamb Accounting Past Questions For Year 2015
Question 66
Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?
- A. N2, 800
- B. N1, 000
- C. N2, 500
- D. N3, 000
Question 67
What is the ledger entry for sale of generator on credit to Patrick?
- A. credit sales account and debit Patrickâs account
- B. credit generator account and debit cash account
- C. credit sales account and debit cash account
- D. credit generator account and debit Patrickâs account
Question 68
Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is
- A. N169, 200
- B. N44, 200
- C. N55, 800
- D. N230, 200
Question 69
To realize an asset means to
- A. mortgage it
- B. open its account in the ledger
- C. turn it to cash
- D. give it out as a collateral
