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

Question 181:

• JAMB 2019

Use the question to answer this question
The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Recurrent expenditure is

A. ₦345,000
B. ₦3,245,000
C. ₦421,000
D. ₦4,245,000

Question 182:

• JAMB 2019

Given:

Additional capitalCapitalClosing capitalNet profit

₦40008000120001500

The drawings for the period stand at

A. 1500
B. 3000
C. 12,000
D. 10,500

Question 183:

• JAMB 2019

The purpose of profit and loss account is to ascertain

A. Gross profit
B. Capital
C. Expenses
D. Net profit

Question 184:

• JAMB 2019

Discount received is charge to

A. Current account
B. Profit and loss
C. Trading account
D. Balance sheet

Question 185:

• JAMB 2019

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


What was the cost of goods sold?

A. ₦25,000
B. ₦35,000
C. ₦50,000
D. ₦75,000