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

Question 131:

• JAMB 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital

A. #5,700
B. #7,700
C. #9,800
D. #14,900

Question 132:

• JAMB 2013

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital

A. #8,700
B. #9,500
C. #9,700
D. #10,700

Question 133:

• JAMB 2013

Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit

A. #2,000
B. #14,000
C. #20,000
D. #30,000

Question 134:

• JAMB 2013

The estimated profit or loss for a period is calculated by

A. Closing capital less opening capital add drawings
B. Opening capital less closing capital add drawings
C. Opening capital less drawings add closing capital
D. Opening capital add closing add drawings

Question 135:

• JAMB 2013

Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is

A. #35,000
B. #39,000
C. #45,000
D. #46,000