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

Question 6:

• JAMB 1997

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

A. N104,000
B. N128,000
C. N136,000
D. N144,000

Question 7:

• JAMB 1998

What was the cost of materials available for use during the period?

A. N487,100
B. N449,500
C. N448,500
D. N440,300

Question 8:

• JAMB 1999

Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
What is the closing stock for the period?

A. N 69,300
B. N81,300
C. N81,600
D. N106,400

Question 9:

• JAMB 1999

Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?

A. N 535,650
B. N628,300
C. N637,950
D. N647,600

Question 10:

• JAMB 2000

Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?

A. N12,500
B. N10,000
C. N8,000
D. N7,500