JAMB Accounting Past Questions & Answers

811.

Goods returned to branch by customers is recorded in the head office books be debiting?

Bank account and crediting branch stock account

Goods sent to branch account and crediting branch debtors' account

Branch stock account and crediting branch debtors account

Branch debtors and credting cash accounts

View answer & explanation

Correct answer is C

By debiting branch stock account and crediting branch debtors account.

812.

The branch expenses paid by the head office is recorded in the books by debiting branch?

Bad debt account and crediting branch debtor's account

Expenses account and crediting bank account

Profit and loss account and crediting branch stock account

Discount allowed account and crediting branch debtors' account

View answer & explanation

Correct answer is B

Branch current account; This account is maintained in the head office books to record all transactions between head office and branch. This account is debited with the following

Goods sent to branch
Expenses of the branch paid by the head office
Profit of the branch

From the above explanation, we would debit expenses account and crediting the bank account.

813.

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

Branch debtor's account and credit head office account

Head office account and credit branch stock account

Branch stock account and credit branch debtors' account

Branch cash account and credit branch stock account

View answer & explanation

Correct answer is C

Debit branch stock account (stock have increased by what was returned) and credit branch debtors' account.

814.

The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?

N7000 loss

N5000 loss

N5000 profit

N7000 profit

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

815.

The summary of receipts and payments account represent?

Cash at hand

Journal proper

General journal

Ledger accounts

View answer & explanation

Correct answer is A

A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. It represents the actual cash at hand.