Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 46:

• JAMB 2019

The purpose of profit and loss account is to ascertain

A. Gross profit
B. Capital
C. Expenses
D. Net profit

Question 47:

• JAMB 2019

Discount received is charge to

A. Current account
B. Profit and loss
C. Trading account
D. Balance sheet

Question 48:

• JAMB 2019

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


What was the cost of goods sold?

A. ₦25,000
B. ₦35,000
C. ₦50,000
D. ₦75,000

Question 49:

• JAMB 2019

Use the following to answer this question

Opening stockPurchasesSalesClosing Stocks

₦20,00070,000100,00015,000

What was the gross profit?

A. ₦35,000
B. ₦75,000
C. ₦50,000
D. ₦25,000

Question 50:

• JAMB 2019

An ordinary share of ₦100 was issued at ₦80. The share was issued at

A. Premium
B. Par
C. Discount
D. Loss