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

Question 66:

• JAMB 2003

Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is

A. N90,000
B. N30,000
C. N19,000
D. N18,000

Question 67:

• JAMB 2003

Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
Calculate the value of fixed assets

A. N15 992
B. N18 470
C. N27 000
D. N27 052

Question 68:

• JAMB 2003

Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases

A. N13 500
B. N15 500
C. N13 400
D. N12 000

Question 69:

• JAMB 2004

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?

A. N2,300
B. N9,900
C. N17,100
D. N19,500

Question 70:

• JAMB 2004

The balance on the provision for depreciation account is?

A. Added to fixed assets on the balance sheet
B. Deducted from the fixed assets on the balance sheet
C. Deducted from the profitand loss account
D. Added to current liabilities of the account