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JAMB Accounts (Principles of Accounts) questions: Double entry and the ledger

19 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· Double entry and the ledger· JAMB

    The owner brings in a personal car for business use. The entry is

    Explanation and discussion

  2. Question 2· Double entry and the ledger· JAMB

    A debtor who owed ₦5,000 is declared bankrupt and pays nothing. The entry is

    Explanation and discussion

  3. Question 3· Double entry and the ledger· JAMB

    Rent of ₦40,000 paid by cheque is recorded by

    Explanation and discussion

  4. Question 4· Double entry and the ledger· JAMB

    A loan of ₦200,000 received from a bank by cheque is recorded by

    Explanation and discussion

  5. Question 5· Double entry and the ledger· JAMB

    Goods worth ₦8,000 returned by a customer are recorded by

    Explanation and discussion

  6. Question 6· Double entry and the ledger· JAMB

    Office furniture bought by cheque is recorded by

    Explanation and discussion

  7. Question 7· Double entry and the ledger· JAMB

    Under double entry, every transaction affects

    Explanation and discussion

  8. Question 8· Double entry and the ledger· JAMB

    Goods worth ₦25,000 returned to Tolu, a supplier, are recorded by

    Explanation and discussion

  9. Question 9· Double entry and the ledger· JAMB

    A ledger account with a debit balance usually represents

    Explanation and discussion

  10. Question 10· Double entry and the ledger· JAMB

    Discount allowed of ₦2,000 to Bisi, a debtor, is recorded by

    Explanation and discussion

  11. Question 11· Double entry and the ledger· JAMB

    Chinedu started business by paying ₦500,000 into a business bank account. The correct entry is

    Explanation and discussion

  12. Question 12· Double entry and the ledger· JAMB

    Office furniture bought for cash is recorded by

    Explanation and discussion

  13. Question 13· Double entry and the ledger· JAMB

    Goods sold on credit to Femi for ₦18,000 are recorded by

    Explanation and discussion

  14. Question 14· Double entry and the ledger· JAMB

    Amina pays ₦30,000 of office cash into the business bank account. The entries are

    Explanation and discussion

  15. Question 15· Double entry and the ledger· JAMB

    Okon Motors, a motorcycle dealer, bought motorcycles worth ₦900,000 on credit from Dayo Ltd to sell to customers. The correct entry is

    Explanation and discussion

  16. Question 16· Double entry and the ledger· JAMB

    Commission received in cash is recorded by

    Explanation and discussion

  17. Question 17· Double entry and the ledger· JAMB

    Which of these accounts normally has a credit balance?

    Explanation and discussion

  18. Question 18· Double entry and the ledger· JAMB

    Which account normally has a debit balance?

    Explanation and discussion

  19. Question 19· Double entry and the ledger· JAMB

    Goods taken from the business by the owner for personal use should be recorded by

    Explanation and discussion

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