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

Question 91:

• JAMB 2007

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250
The drawings for the period stand at?

A. N2570
B. N3750
C. N2500
D. N2570

Question 92:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

A. N15 100 profit
B. N15 100 loss
C. N11 500 profit
D. N11 500 loss

Question 93:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?

A. N900
B. N900 000
C. N90 000
D. N9 000

Question 94:

• JAMB 2007

Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?

A. N1000
B. N3000
C. N900
D. N1500

Question 95:

• JAMB 2007

Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?

A. N2000
B. N800
C. N3000
D. N1900