The Final Accounts of a Sole Trader - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925

Question 47:

• JAMB 2002

In preparing the final accounts, the bad debt account is closed by a transfer to the?

A. Balance sheet
B. Provision for bad debt account
C. Profit and loss account
D. Trading account

Question 48:

• JAMB 2002

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?

A. N950
B. N970
C. N430
D. N380

Question 49:

• JAMB 2002

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?

A. N20400
B. N20465
C. N35695
D. N19820

Question 50:

• JAMB 2002

Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?

A. N110,000
B. N105,000
C. N101,000
D. N100,000