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JAMB Accounts (Principles of Accounts) questions: Final accounts of a sole trader

20 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· Final accounts of a sole trader· JAMB

    Which of these is a current asset?

    Explanation and discussion

  2. Question 2· Final accounts of a sole trader· JAMB

    Net profit ₦45,000 is added in the balance sheet to

    Explanation and discussion

  3. Question 3· Final accounts of a sole trader· JAMB

    Which of these appears in the balance sheet?

    Explanation and discussion

  4. Question 4· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the net purchases of Okafor Stores.

    Explanation and discussion

  5. Question 5· Final accounts of a sole trader· JAMB

    Net profit increases the owner's capital because profit

    Explanation and discussion

  6. Question 6· Final accounts of a sole trader· JAMB

    The following appear in the trading account EXCEPT

    Explanation and discussion

  7. Question 7· Final accounts of a sole trader· JAMB

    A balance sheet shows the

    Explanation and discussion

  8. Question 8· Final accounts of a sole trader· JAMB

    A long-term loan repayable in eight years is shown under

    Explanation and discussion

  9. Question 9· Final accounts of a sole trader· JAMB

    Gross profit was ₦250,000, expenses ₦140,000 and discount received ₦6,000. The net profit is

    Explanation and discussion

  10. Question 10· Final accounts of a sole trader· JAMB

    Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000

    What is the gross profit for the year?

    Explanation and discussion

  11. Question 11· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the gross profit of Okafor Stores.

    Explanation and discussion

  12. Question 12· Final accounts of a sole trader· JAMB

    Current assets ₦180,000 and current liabilities ₦60,000 give a current ratio of

    Explanation and discussion

  13. Question 13· Final accounts of a sole trader· JAMB

    Sales ₦250,000; returns inwards ₦10,000; cost of sales ₦150,000. Gross profit is

    Explanation and discussion

  14. Question 14· Final accounts of a sole trader· JAMB

    Carriage inwards is treated in the final accounts as

    Explanation and discussion

  15. Question 15· Final accounts of a sole trader· JAMB

    Sales were ₦900,000, returns inwards ₦20,000 and cost of goods sold ₦560,000. The gross profit is

    Explanation and discussion

  16. Question 16· Final accounts of a sole trader· JAMB

    Carriage inwards is treated as

    Explanation and discussion

  17. Question 17· Final accounts of a sole trader· JAMB

    Drawings appear in the statement of financial position as

    Explanation and discussion

  18. Question 18· Final accounts of a sole trader· JAMB

    Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000

    What is the cost of goods sold?

    Explanation and discussion

  19. Question 19· Final accounts of a sole trader· JAMB

    Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000

    Find the cost of sales of Okafor Stores.

    Explanation and discussion

  20. Question 20· Final accounts of a sole trader· JAMB

    Which of these is a non-current liability?

    Explanation and discussion

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