Jamb Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 46:

• JAMB 1999

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
What is the balance c/d in the purchases ledger control account?

A. N 2,000
B. N 8, 000
C. N 40, 000
D. N49,000

Question 47:

• JAMB 1999

Given:
Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

A. N29,000
B. N 31,500
C. N46,500
D. N50,000

Question 48:

• JAMB 1999

Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
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
What is the closing stock for the period?

A. N 69,300
B. N81,300
C. N81,600
D. N106,400

Question 49:

• JAMB 1999

Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
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
Calculate the gross profit for the period?

A. N 535,650
B. N628,300
C. N637,950
D. N647,600

Question 50:

• JAMB 1999

Use the information below to answer the question
The quick ratio is

A. 0. 82: 1
B. 0. 91:1
C. 0.95:1
D. 1:53:1