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

Question 6:

• JAMB 1994

Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be

A. N23,000
B. N29,000
C. N36,000
D. N43,000

Question 7:

• JAMB 1994

The major distinguishing element between the final accounts of a partnership and a sole trader is the

A. Drawings account
B. Appropriation account
C. Capital account
D. Creditors account

Question 8:

• JAMB 1995

Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.

A. N19,650
B. N18,650
C. N17,850
D. NN16,850

Question 9:

• JAMB 1995

The following represent extracts from the trading account of a retail outlet for a given month:
Opening stock N2,400
Closing stock N6,400
Other expenses N2,000
Sales N11,000
Profit N900
What is the purchase figure for the month?

A. N13,000
B. N12,100
C. N12,000
D. N11,200

Question 10:

• JAMB 1995

Why are adjustments in the profit and loss account necessary?

A. To cover some expenses of the following year
B. To ascertain the actual expenses incurred and income earned during the year
C. To show the provision made during the year
D. To show the total expenses paid and income received during the year