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

Question 46:

• JAMB 2014

The excess of sales over cost of goods sold is

A. Gross sales
B. Gross profit
C. Net profit
D. Net sales

Question 47:

• JAMB 2015

If sales return is understated, it implies that ------------------------------ is overstated

A. Return inward
B. Sales figure
C. Cost of sales
D. Return outward

Question 48:

• JAMB 2015

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

A. N7950
B. N8050
C. N7050
D. N8950

Question 49:

• JAMB 2016

Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is

A. # 60,700
B. #23,500
C. #60,500
D. #82,500

Question 50:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?

A. ₦4,350
B. ₦6,000
C. ₦5,150
D. ₦4,000