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

Question 146:

• JAMB 2015

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

A. N2, 800
B. N1, 000
C. N2, 500
D. N3, 000

Question 147:

• JAMB 2015

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

A. Appreciation
B. Amortization
C. Provisions
D. Depreciation

Question 148:

• JAMB 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

A. N7950
B. N8050
C. N7050
D. N8950

Question 149:

• JAMB 2016

Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is

A. # 60,700
B. #23,500
C. #60,500
D. #82,500

Question 150:

• JAMB 2016

The effect of overstating revenue expenditure in the profit and loss account is that the

A. Opening stock will be increased
B. Net profit will be understand
C. Net profit will be overstead
D. Opening stock will be decreased