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

Question 106:

• 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
The cost of goods available for sale is?

A. N4 600
B. N5 000
C. N6 400
D. N4 400

Question 107:

• JAMB 2010

Benefit enjoyed for which payments have not been made are?

A. Accruals
B. Prepayments
C. Acquisitions
D. Provisions

Question 108:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.
Determine the provision for bad debts to profit and loss account?

A. N500
B. N820
C. N1300
D. N300

Question 109:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.

Calculate the provision to be taken to the balance sheet?

A. N780
B. N800
C. 1200
D. N200

Question 110:

• JAMB 2010

Use the information below to answer questions 23 and 24.
............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350
Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.
What is the value of purchases for the year 2008?

A. N6 000
B. N9 900
C. N14 100
D. N5 700