Accounts Principles Of Accounts Past Questions and Answers

Question 3101 :

• JAMB 2020

Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
Calculate the closing stock for the period.

A. ₦69,300
B. ₦81,600
C. ₦81,300
D. ₦106,400

Question 3102 :

• JAMB 2020

Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
What is the gross profit for the period?

A. ₦535,650
B. ₦628,300
C. ₦647,600
D. ₦106,400

Question 3103 :

• JAMB 2020

Which of the following errors will affect the trial balance total?

A. Omission of sales of ₦3000 and purchases of
₦2000
B. Posting discount allowed to the debit side of discount allowed account
C. Omission of one account from the list when extracting the ledgers
D. Failure to post sales of ₦2000 and purchases of ₦2000

Question 3104 :

• JAMB 2020

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A. ₦250
B. ₦570
C. ₦850
D. ₦600

Question 3105 :

• JAMB 2020

Given ₦
Stock (1/4/94) 800
Purchases of flour 2,450
Sales 4,745
Wages of bakery staff 675
Carriage outwards 50
Salary of administrative staff 225
Stock (31/3/95) 940
Capital 1,540
Calculate the cost of goods sold.

A. ₦3,925
B. ₦3,250
C. ₦2,985
D. ₦2,575