Jamb Accounting Past Questions For Year 2003
Question 41
Receipts and payments accounts is the summary of?
- A. income and expenditure
- B. cash book
- C. balance sheet
- D. profit and loss
Question 42
Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?
- A. N300 000
- B. N293 000
- C. N193 000
- D. N133 000
Question 43
Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?
- A. N260 000
- B. N233 000
- C. N155 000
- D. N100 000
Question 44
The necessary accounts to be opened on the issue of ordinary share capital are?
- A. preference share capital, cash and allotment accounts
- B. bank and ordinary share capital accounts
- C. cash and ordinary share capital accounts
- D. nominal value and ordinary share capital accounts
Question 45
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?
- A. N1 875
- B. N1 817
- C. N1 626
- D. N1 426
