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

Question 191:

• JAMB 2019

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

A. ₦5,120
B. ₦6,400
C. ₦8,000
D. ₦12,500

Question 192:

• JAMB 2019

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

A. ₦165,000
B. ₦635,000
C. ₦600,000
D. ₦156,000

Question 193:

• JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
Determine the adjusted net profit

A. ₦202,000
B. ₦210,000
C. ₦195,000
D. ₦184,000

Question 194:

• JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

A. ₦34,000
B. ₦4,000
C. ₦30,000
D. ₦15,000

Question 195:

• JAMB 2021

The formular for calculating depreciation using straight line method is


A. Cost-scrap value/useful life
B. Scrap value+sales/useful life
C. Sales-scrap value/useful life
D. Purshases+sales/useful life