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JAMB Accounts (Principles of Accounts) questions: Incomplete records

16 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· Incomplete records· JAMB

    Cash sales ₦30,000 and credit sales ₦90,000 give total sales of

    Explanation and discussion

  2. Question 2· Incomplete records· JAMB

    A statement of affairs is prepared to find the

    Explanation and discussion

  3. Question 3· Incomplete records· JAMB

    At the start of the year a trader had assets of ₦500,000 and liabilities of ₦150,000. Find the opening capital.

    Explanation and discussion

  4. Question 4· Incomplete records· JAMB

    Payments to suppliers ₦70,000; opening creditors ₦15,000; closing creditors ₦20,000. Credit purchases are

    Explanation and discussion

  5. Question 5· Incomplete records· JAMB

    A mark-up of 50% is equivalent to a margin of

    Explanation and discussion

  6. Question 6· Incomplete records· JAMB

    A mark-up of 50% on cost is equal to a margin on selling price of

    Explanation and discussion

  7. Question 7· Incomplete records· JAMB

    Cash received from debtors was ₦250,000; opening debtors ₦40,000; closing debtors ₦55,000. Find credit sales.

    Explanation and discussion

  8. Question 8· Incomplete records· JAMB

    Capital at start ₦50,000; capital at end ₦65,000; drawings ₦12,000; no new capital. Net profit is

    Explanation and discussion

  9. Question 9· Incomplete records· JAMB

    Closing capital is ₦420,000, opening capital ₦350,000 and drawings ₦60,000, with no new capital. Find the profit.

    Explanation and discussion

  10. Question 10· Incomplete records· JAMB

    Where records are incomplete, credit sales for the year can be found by preparing a

    Explanation and discussion

  11. Question 11· Incomplete records· JAMB

    Single-entry records are most commonly kept by

    Explanation and discussion

  12. Question 12· Incomplete records· JAMB

    Capital at the start of the year was ₦200,000 and at the end ₦260,000. The owner withdrew ₦30,000 and brought in additional capital of ₦20,000. The profit for the year is

    Explanation and discussion

  13. Question 13· Incomplete records· JAMB

    In incomplete records, total cash available and spent is reconstructed with a

    Explanation and discussion

  14. Question 14· Incomplete records· JAMB

    Purchases can be found from incomplete records using the

    Explanation and discussion

  15. Question 15· Incomplete records· JAMB

    Goods are sold at a margin of 20% on selling price. If sales are ₦500,000, the gross profit is

    Explanation and discussion

  16. Question 16· Incomplete records· JAMB

    A trader's cost of goods sold was ₦300,000 and she adds a mark-up of 25% on cost. Her sales were

    Explanation and discussion

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