2019 - JAMB Accounting Past Questions and Answers - page 1
Transactions are recorded or posted to the ledger in line with...
Accounting Concept
Source document
Data collection
Show how the following transaction will be recorded applying the double entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.
Dr Rent A/c; Dr Bank A/c
Dr Bank A/c; Cr Rent A/c
Dr Rent A/c; Cr Bank A/c
Dr Rent A/c; Cr Mr. Roi
A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called
Double entry system
Ledger
Cash Book
Petty Cash Book
The advantage of double entry is that
it is easy to prepare the final account
it increase assets
has cash and bank column
It disburses cash
Accounts can be classified into
cash and credit transactions
cash and credit accounts
personal and private account
personal and impersonal account
Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit
Tosanwumi International, credit purchase Account
Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
Tosanwumi International ₦150,000, credit credit Account ₦150,000
If only wages is shown on the trial balance, it should be charged to the
profit and loss account
trading account
balance sheet
wages account
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| ₦ | ₦ | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| Net profit | 25,000 |
What is the Gross Profit on percentage of sale?
2.7%
0.27%
27.0%
29.8%
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| ₦ | ₦ | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| Net profit | 25,000 |
Calculate the net profit on percentage of expenses.
60%
25%
13%
65.7%
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales
#55,000
#82,500
#27,500
#50,000