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

Question 111:

• JAMB 2010

Determine the total expenses to be charged to profit and loss account?

A. N2 350
B. N1 600
C. N800
D. N3 150
E. NO OPTION

Question 112:

• JAMB 2010

Use the information below to answer questions 25 and 26.
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Find the opening capital?

A. N39 700
B. N35 900
C. N35 740
D. N43 660

Question 113:

• JAMB 2010

Use the information below to answer questions
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Determine the net profit ?

A. N5 000
B. N3 960
C. N1 040
D. N8 960

Question 114:

• JAMB 2010

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.
Find the amount for sundry debtors after provision?


A. N760 000
B. N744800
C. N744 000
D. N784 000

Question 115:

• JAMB 2010

Credit sales is given at 160% of cash received.
What is the balance c/d?
debit 64300


A. N333 000
B. N234 000
C. N343 000
D. N243 000