JAMB Principles of Accounts 2024 past questions and answers

Use the information below to answer questions 23 and 24.
Income and Expenditure (Extract)
Bal. b/d ₦390 | Expenses on cleaning ₦300
Sales of tickets ₦4,000 | New tool ₦510
Donations ₦3,000 | Repairs ₦400
Subscription ₦6,500 | Electricity ₦350
Calculate the total income for the period

1. A.₦13,500
2. B.₦10,500
3. C.₦13,890
4. D.₦9,500

Use the information below to answer questions 29 and 30.
July 1 – Started business with ₦10,500
July 31 – paid Agromachinex ₦6,000 owing them
The double entry for July 1 would be

1. A.debit capital and credit cash
2. B.credit cash and debit bank
3. C.debit purchases and credit cash
4. D.debit cash and credit capital

Use the information below to answer questions 29 and 30.
July 1 – Started business with ₦10,500
July 31 – paid Agromachinex ₦6,000 owing them
The double entry for July 31 would be

1. A.debit equipment and credit Agromachinex
2. B.debit Agromachinex and credit cash
3. C.credit capital and debit cash
4. D.credit cash and debit purchases

The capital of a sole proprietor can be increased by

1. A.debiting the cash account
2. B.crediting the cash account
3. C.debiting the capital account
4. D.crediting the capital account

Use the information below to answer questions 35 and 36.
Kola and Kade are in partnership sharing profit and losses in the ratio 3:2
Capital – Kola ₦20,000
Capital – Kade ₦10,000
Drawings – Kola ₦2,000
Drawings – Kade ₦3,000
Profit ₦6,000
Interest on capital 5%
Interest on drawing 10%
The interest on Kade's capital is

1. A.₦1000
2. B.₦500
3. C.₦2000
4. D.₦3000

Use the information below to answer questions 35 and 36.
Kola and Kade are in partnership sharing profit and losses in the ratio 3:2
Capital – Kola ₦20,000
Capital – Kade ₦10,000
Drawings – Kola ₦2,000
Drawings – Kade ₦3,000
Profit ₦6,000
Interest on capital 5%
Interest on drawing 10%
The interest on Kola's drawings is

1. A.₦100
2. B.₦150
3. C.₦200
4. D.₦300