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

Question 31:

• JAMB 1999

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?

A. An addition was made to the asset during the sixth year
B. The estimate of salvage value on this equipment was decreased
C. A unit-of-output method of depreciation was used during the sixth year
D. The estimate remaining service life of the assets was increased at the beginning of the sixth year

Question 32:

• JAMB 1999

Given:
Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

A. N29,000
B. N 31,500
C. N46,500
D. N50,000

Question 33:

• JAMB 1999

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
What is the closing stock for the period?

A. N 69,300
B. N81,300
C. N81,600
D. N106,400

Question 34:

• JAMB 1999

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 35:

• JAMB 2000

Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?

A. N12,500
B. N10,000
C. N8,000
D. N7,500