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

Question 26:

• JAMB 1998

Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

A. N7,200
B. N98,800
C. N100,000
D. N105,800

Question 27:

• JAMB 1998

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

A. N6,800
B. N153,000
C. N154,200
D. N159,800

Question 28:

• JAMB 1998

The contribution marginal on a job is the?

A. Gross profit
B. Net profit
C. Excess of sales revnue over variable costs
D. Difference between fixed and variable costs

Question 29:

• JAMB 1998

Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?

A. N497,100
B. N457,700
C. N449,500
D. N440,300

Question 30:

• JAMB 1998

What was the cost of materials available for use during the period?

A. N487,100
B. N449,500
C. N448,500
D. N440,300