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

Question 96:

• JAMB 2007

Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?

A. N30 000
B. N25 000
C. N5 000
D. 20 000

Question 97:

• JAMB 2007

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

A. N20
B. N40
C. N400
D. N200

Question 98:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?

A. I and v
B. Ii and iv
C. Ii and vi
D. Iii and iv

Question 99:

• JAMB 2008

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

A. I and ii
B. I and v
C. Ii and iv
D. Iii and v

Question 100:

• JAMB 2008

The factor that determine the periodic depreciation charge are?

A. Asset cost, market value and useful life
B. Asset cost, market value and residusl value
C. Asset value, cash value useful life
D. Asset cost, salvage and useful life