Accounts - Principles of Accounts JAMB, WAEC, NECO AND NABTEB Official Past Questions

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

The assumption that a business has perpetual existence is recognized by

In single entry and incomplete records, the net assets method used to ascertain profit is

The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is

Items on the left-hand side of a total debtors account are debits in the

Which of the following is not a cause of depreciation?

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is

Use following information to answer the given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is

Use following information to answer the given
\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The adjusted balance as per cash book is

The profit of sole trader increases his

The total of the discounts is transferred to

The total of the discount from creditors is transferred to

The sum of money given to a petty cashier out of which small payments are made is a/an

A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo’s books is

The total of the sales journal is posted to the

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Gross profit for the year was

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Cost of sales for the year was