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

Question 61:

• JAMB 2003

Provision for discount allowed can be recorded as debit to?

A. The profit and loss account and a credit to provision for discount allowed
B. Provision for discount allowed and a credit to the profit and loss account
C. Discount allowed and a credit to the profit and loss account
D. Expenses and a credit to customers' account

Question 62:

• JAMB 2003

Given:
Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?

A. N4000
B. N3000
C. N2000
D. N1000

Question 63:

• JAMB 2003

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?

A. N36 000
B. N18 000
C. N12 000
D. N6 000

Question 64:

• JAMB 2003

Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?

A. N295 000
B. N265 000
C. N245 000
D. N215 000

Question 65:

• JAMB 2003

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
Compute the amount withdrawn

A. N2000
B. N1500
C. N1250
D. N1000