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Income statement (Trading and profit and loss account) - Jamb Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Past Questions

Jamb Past Questions and Answers on Income statement (Trading and profit and loss account)

Question 31:


Determine the total expenses to be charged to profit and loss account?

A. N2 350
B. N1 600
C. N800
D. N3 150
E. NO OPTION


Question 32:


Use the information below to answer questions 25 and 26.
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Find the opening capital?

A. N39 700
B. N35 900
C. N35 740
D. N43 660


Question 33:


Use the information below to answer questions
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Determine the net profit ?

A. N5 000
B. N3 960
C. N1 040
D. N8 960


Question 34:


The type of expense charged against administration of a firm is the?

A. Repairs on building
B. Interesr paid on loan
C. Discount allowed
D. Tax expense


Question 35:


The item on the credit side of the trading account is the?

A. Returns outwards
B. Caarriage on sales
C. Sales
D. Purchases






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