Jamb Accounts - Principles of Accounts Questions
Question 1016:
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
View Answer & ExplanationQuestion 1017:
Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
View Answer & ExplanationSegun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000
Compute the capital as at 1st Jan, 2014.
Question 1018:
Keeping records under single entry system has the advantage of
View Answer & ExplanationQuestion 1019:
Which of the following is true in public sector accounting? Cost of assets is
View Answer & ExplanationQuestion 1020:
Which of the following accounts is debited when a delivery van is sold for cash?
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