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

Question 31:

• JAMB 2010

Determine the total expenses to be charged to profit and loss account?

A. N2 350
B. N1 600
C. N800
D. N3 150
E. NO OPTION

Question 32:

• JAMB 2010

Use the information below to answer questions 25 and 26.
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Find the opening capital?

A. N39 700
B. N35 900
C. N35 740
D. N43 660

Question 33:

• JAMB 2010

Use the information below to answer questions
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Determine the net profit ?

A. N5 000
B. N3 960
C. N1 040
D. N8 960

Question 34:

• JAMB 2011

The type of expense charged against administration of a firm is the?

A. Repairs on building
B. Interesr paid on loan
C. Discount allowed
D. Tax expense

Question 35:

• JAMB 2011

The item on the credit side of the trading account is the?

A. Returns outwards
B. Caarriage on sales
C. Sales
D. Purchases