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

Question 11:

• JAMB 1995

THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS

A. N 3 731 250.00
B. N 2 487 500.00
C. N 1 268 750.00
D. N1 020 000. 00

Question 12:

• JAMB 1995

Trade creditors account was maintained at 25% of the capital.
What was the balance in the trade creditors account as at 31/12/92?

A. N 29 800
B. N 29 500
C. N29 400
D. N 29 000

Question 13:

• JAMB 1995

What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with

A. N 3 000 and show wages accrued N 500 in the balance sheet
B. N2 000 and show wages accrued N500 in the balance sheet
C. N 3 000 and show wages perpaid N 500 in the balance sheet
D. N 2000 and show wages paid in advance N500 in the balace sheet

Question 14:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
At 31/12/93, what portion of that amount was prepaid?

A. N14,583
B. N25,000
C. N35,417
D. N37,415

Question 15:

• JAMB 1997

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account.
The adjustment needed as at 31st December 1993 is?

A. Debit rent account and credited adjustment account
B. Debit prepayment account and credit rent account
C. Debit rent account and credit prepayment account
D. Debit adjustment account and credit prepayment account