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

Question 166:

• JAMB 2018

What is the amount of capital employed?

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

Question 167:

• JAMB 2018

Use the information below to answer question

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

A. #20,500
B. #23,000
C. #28,000
D. #27,000

Question 168:

• JAMB 2018

Use the information below to answer question

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

Calculate the cost of goods sold

A. #61,000
B. #62,000
C. #58,000
D. #57,000

Question 169:

• JAMB 2018

Use the information below to answer the question

Liabilities ₦	Assets ₦
Capital 40,000	Furnishing 10,000
	Ceiling Fan 1,500
	Cash in Hand 28,500
40,000	40,000

If at 31/1/95 the following information was ascertained

(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500

A. #40,000
B. #41,500
C. #41,700
D. 48,500

Question 170:

• JAMB 2018

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

A. Cash account
B. Purchase account
C. Goodwill account
D. Sales account