Jamb Accounting Past Questions
Question 1
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is
- A. N5,750
- B. N5,650
- C. N3,200
- D. N2,300
Question 2
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price
- A. N3,860
- B. N3,806
- C. N3,680
- D. N3,086
Question 3
The starting point for the production of accounts from incomplete records is to
- A. ascertain the total sales
- B. compute the opening stock of goods sold
- C. verify the total purchase
- D. prepare an opening statement of affairs
Question 4
The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?
- A. N509,600
- B. N482,600
- C. N428,600
- D. N418,400
Question 5
Sales ledger control account contains the total amount in respect of
- A. creditors
- B. debtors
- C. investors
- D. shareholders
