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

Question 16:

• JAMB 1997

The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

A. N576
B. N588
C. N600
D. N624

Question 17:

• JAMB 1997

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

A. N104,000
B. N128,000
C. N136,000
D. N144,000

Question 18:

• JAMB 1997

Given:
Net profit-----------------------N25,000
Cost of sale---------------------N25,000
Sales----------------------------N85,000
Determine the total expenses.

A. N45,000
B. N35,000
C. N25,000
D. N15,000

Question 19:

• JAMB 1997

Given: capital N13,000; office machinery, N9,000; creditors N900, stock of goods N1,550; debtors, N275; cash at bank, N5,075 and loan from Jumbo, N2,000. What is the balance sheet total?

A. N19,500
B. N18,500
C. N17,900
D. N15,900

Question 20:

• JAMB 1997

The records of wages due but not yet paid is an example of an adjustment for

A. Apportionment of revenue between two periods
B. Recognizing accrued expenses
C. Recognizing unaccounted revenue
D. Recognizing prepaid expenses