Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1246:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

What is the Gross Profit on percentage of sale?

A. 2.7%
B. 0.27%
C. 27.0%
D. 29.8%

Question 1247:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

Calculate the net profit on percentage of expenses.

A. 60%
B. 25%
C. 13%
D. 65.7%

Question 1248:

• JAMB 2019

Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales

A. #55,000
B. #82,500
C. #27,500
D. #50,000

Question 1249:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The company's paid-up capital is

A. #70,000
B. ₦80,000
C. ₦220,000
D. ₦120,000

Question 1250:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The Unissued capital of the company is

A. ₦310,000
B. ₦200,000
C. ₦210,000
D. ₦100,000