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Jamb Accounts - Principles of Accounts Past QuestionsJamb 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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