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

Question 51:

• JAMB 2017

\(\begin{array}{c|c} & N \\ \hline
\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500
\end{array}\)
Determine the net profit

A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦1,400

Question 52:

• JAMB 2017

The following appears in trading account except

A. Sales
B. Carriage outward
C. Carriage inward
D. Opening stock

Question 53:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?

A. ₦3850
B. ₦6650
C. ₦1550
D. ₦6850

Question 54:

• JAMB 2017

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards

A. ₦9,000
B. ₦2,500
C. ₦3,000
D. ₦1,500

Question 55:

• JAMB 2018

Use the information below to answer question

Trading account for the year ended 31st December 2009

₦	₦
Opening Stock 32,000	Sales 48,000
Purchases 40,000	Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

A. #20,500
B. #23,000
C. #28,000
D. #27,000