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Jamb Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Past Questions

Question 236:


Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?

A. N 535,650
B. N628,300
C. N637,950
D. N647,600


Question 237:


Use the information below to answer the question
The quick ratio is

A. 0. 82: 1
B. 0. 91:1
C. 0.95:1
D. 1:53:1


Question 238:


On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500


Question 239:


On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500


Question 240:


To write off bad debt, debt?

A. Debtor's account and credit provision for bad debt
B. Bad debt account and credit debtor's account
C. Debtor's account credit bad debt
D. Provision for bad debt account and credit debtor's account






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