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

Question 186:

• JAMB 2019

Use the following to answer this question

Opening stockPurchasesSalesClosing Stocks

₦20,00070,000100,00015,000

What was the gross profit?

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

Question 187:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What us the amount of purchase

A. ₦11,970
B. ₦11,000
C. ₦1,250
D. ₦12,053

Question 188:

• JAMB 2019

Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?

A. ₦550
B. ₦12,250
C. ₦12,530
D. ₦830

Question 189:

• JAMB 2019

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

A. Profit
B. Capital
C. Loss
D. Cash

Question 190:

• JAMB 2019

Which of the following cannot depreciate?

A. Plant and machinery
B. Motor van
C. Premises
D. Land