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

Question 151:

• JAMB 2016

Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is

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

Question 152:

• JAMB 2016

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A. #2,400
B. #3,000
C. #9,800
D. #1,400

Question 153:

• JAMB 2016

The costs of acquiring fixed assets and bringing them into the firm is a

A. General expenses
B. Recurrent expenditure
C. Revenue expenditure
D. Capital expenditure

Question 154:

• JAMB 2016

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

A. #300
B. #400
C. #600
D. #200

Question 155:

• JAMB 2016

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A. #744,800
B. #760,000
C. #784,000
D. #744,000