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

Question 161:

• JAMB 2017

Salaries in arrears is treated in the balance sheet as a

A. Current asset
B. Current liability
C. Fixed asset
D. Long term liability

Question 162:

• JAMB 2017

The following appears in trading account except

A. Sales
B. Carriage outward
C. Carriage inward
D. Opening stock

Question 163:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?

A. ₦3850
B. ₦6650
C. ₦1550
D. ₦6850

Question 164:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards

A. ₦9,000
B. ₦2,500
C. ₦3,000
D. ₦1,500

Question 165:

• JAMB 2018

What is the amount of capital employed?

A. ₦7000
B. ₦10000
C. ₦22000
D. ₦15000