2004 - JAMB Accounting Past Questions and Answers - page 2

Where closing stock is undervalued, the effect is?

The balancing figure in the purchases ledger control account is?

The balancing figure in the purchases ledger control account is?

Use the information below to answer questions 17 and 18.

Opening balance.............................N10,640
Purchases...................................N26,912
Returns inwards.............................N492
Returns outwards............................N810
Cash discount received......................N1,348
Cash discount allowed.......................N1,560
Cash paid to suppliers......................N20,808

At the year end, the purchases ledger showed a debit balance of N108.

The total on the debit side of the purchases ledger control account will be?

In a sales ledger, contra entry is found on the?

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Use the information below to answer questions 23 and 24.

Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

What is the figure for purchases?