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

Question 11:

• 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 12:

• 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 13:

• 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

Question 14:

• 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

Question 15:

• JAMB 2002

Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A. N30,000
B. N40,000
C. 50,000
D. N20,000