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

Question 41:

• JAMB 2001

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
Determine the total fixed assets from the opening balance sheet?

A. N2,200
B. N2,020
C. N1,720
D. N2,070

Question 42:

• JAMB 2001

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
What is the bar profits?

A. N20,000
B. N15,000
C. N14,000
D. N10,000

Question 43:

• JAMB 2001

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000
How much is owed to suppliers?

A. N50,000
B. N40,000
C. N30,000
D. 20,000

Question 44:

• JAMB 2001

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
What is the capital from the opening balance sheet?

A. N3,600
B. N 2,700
C. N2,070
D. N1,520

Question 45:

• JAMB 2002

Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?

A. N2575
B. N2985
C. N3250
D. N3925