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

Question 26:

• JAMB 2009

If the opening stock is 5% of sales. calculate the purchases

A. N95,600
B. N95,000
C. N90,600
D. N85,000

Question 27:

• JAMB 2009

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.

A. N1,310
B. N1,850
C. N1,990
D. 2,210

Question 28:

• JAMB 2010

Use the information below to answer question
Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200
Find the gross profit.

A. N7 800
B. N7 900
C. N9700
D. 5700

Question 29:

• JAMB 2010

Use the information below to answer question
Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200
The cost of goods available for sale is?

A. N4 600
B. N5 000
C. N6 400
D. N4 400

Question 30:

• JAMB 2010

Use the information below to answer questions 23 and 24.
............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350
Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.
What is the value of purchases for the year 2008?

A. N6 000
B. N9 900
C. N14 100
D. N5 700