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

Question 56:

• 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 ??

Calculate the cost of goods sold

A. #61,000
B. #62,000
C. #58,000
D. #57,000

Question 57:

• JAMB 2018

The excess of sales over cost of goods sold is?

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

Question 58:

• JAMB 2019

If only wages is shown on the trial balance, it should be charged to the

A. Profit and loss account
B. Trading account
C. Balance sheet
D. Wages account

Question 59:

• JAMB 2019

The purpose of profit and loss account is to ascertain

A. Gross profit
B. Capital
C. Expenses
D. Net profit

Question 60:

• JAMB 2019

Discount received is charge to

A. Current account
B. Profit and loss
C. Trading account
D. Balance sheet