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

Question 101:

• JAMB 2008

Use the information below to answer question .
.........................31 Dec. 05........31 Dec. 06
Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?

A. N19 000
B. N16 000
C. N12 600
D. N10 600

Question 102:

• JAMB 2008

The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?

A. N8 000
B. N10 000
C. N12 000
D. N18 000

Question 103:

• JAMB 2009

If the opening stock is 5% of sales. calculate the purchases

A. N95,600
B. N95,000
C. N90,600
D. N85,000

Question 104:

• JAMB 2009

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.

A. N1,310
B. N1,850
C. N1,990
D. 2,210

Question 105:

• JAMB 2010

Use the information below to answer question
Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200
Find the gross profit.

A. N7 800
B. N7 900
C. N9700
D. 5700