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

Question 36:

• JAMB 2000

what is the gross profit margin?

A. N100%
B. N50%
C. N40%
D. N30%

Question 37:

• JAMB 2000

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?

A. N22,470
B. N17,470
C. N8,440
D. N5,000

Question 38:

• JAMB 2000

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500
If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

A. N 125, 000
B. N114,500
C. N105,500
D. N105,250

Question 39:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
What was the value of fixed assets at the beginning of the year?

A. N2,900,000
B. N3,800,000
C. N3,900,000
D. N4,000,000

Question 40:

• JAMB 2001

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.
The depreciation expenses charged for the year is?

A. N450,000
B. N250,000
C. N150,000
D. N100,000