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

Question 126:

• JAMB 2013

Which of the following items is a capital expenditure?

A. Maintenance of office machine
B. Purchase of office stationery
C. Carriage inwards
D. Purchase of office machinery

Question 127:

• JAMB 2013

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?

A. #4,000
B. #7,000
C. #11,000
D. #24,000

Question 128:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit

A. #100,000
B. #86,000
C. #82,000
D. #76,000

Question 129:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account

A. #17,000
B. #23,000
C. #26,000
D. #30,000

Question 130:

• JAMB 2013

Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital

A. #2,550
B. #2,500
C. #2,350
D. #2,250