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

Question 36:

• JAMB 2012

The capital of a sole trader can be increased by

A. Debiting the capital account
B. Crediting the capital account
C. Debiting the cash account
D. Crediting the cash account

Question 37:

• JAMB 2012

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
Determine the adjusted net profit

A. #210,000
B. #202,000
C. #195,000
D. #184,000

Question 38:

• JAMB 2012

At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
The revenue to be added as an adjustment is

A. #34,000
B. #30,000
C. #15,000
D. #4,000

Question 39:

• JAMB 2012

Use the information above to answer the question
Find the gross profit.

A. N370,000
B. N230,000
C. N150,000
D. N140,000

Question 40:

• JAMB 2012

Use the information above to answer the question
Calculate the net profit.

A. N35,000
B. N40,000
C. N105,000
D. N115,000