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

Question 51:

• JAMB 2002

Use the information below to answer questions 9 and 10.
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 liabilities of Udo Co. Ltd is?

A. N180,000
B. N181,000
C. N177,000
D. N110,000

Question 52:

• JAMB 2002

Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000
Calculate the purchases for the period?

A. N80,000
B. N35,000
C. N105,000
D. N70,000

Question 53:

• JAMB 2002

Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?

A. N8500 profit
B. N2000 loss
C. N2000 profit
D. N8500 loss

Question 54:

• JAMB 2002

Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A. N30,000
B. N40,000
C. 50,000
D. N20,000

Question 55:

• JAMB 2002

Miscellaneous expense is 10% of revenue Calculate the net income.

A. N583,000
B. N563,000
C. N483,000
D. N581,000