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

Question 156:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

A. N11,000
B. N7,000
C. N4,000
D. N24,000

Question 157:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


The yearly depreciation using the straight line method would be?

A. N5,200
B. N6,500
C. N8,800
D. N4,400

Question 158:

• JAMB 2016

Use the information below to answer the question that follows
\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)


What is the total sales for the period?

A. N37,000
B. N36,000
C. N35,000
D. N40,500

Question 159:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?

A. ₦4,350
B. ₦6,000
C. ₦5,150
D. ₦4,000

Question 160:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)
Determine the net profit

A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦1,400