Jamb Accounts - Principles of Accounts Questions
Question 41:
Capital and revenue expenditures of government are usually accounted for under funds which include?
View Answer & ExplanationQuestion 42:
Which of the following account is kept by local governments in Nigeria?
View Answer & ExplanationQuestion 44:
Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
View Answer & ExplanationKudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
Question 45:
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is
View Answer & ExplanationAminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is