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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· Final accounts of a sole trader· WAEC

    Capital at start ₦40,000, net profit ₦10,000, drawings ₦6,000. Closing capital is

    Explanation and discussion

  2. Question 22· 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

  3. Question 23· 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

  4. Question 24· Final accounts of a sole trader· WAEC

    Sales ₦50,000, cost of sales ₦30,000, expenses ₦12,000. Net profit is

    Explanation and discussion

  5. Question 25· Final accounts of a sole trader· WAEC

    Carriage outwards is shown in the

    Explanation and discussion

  6. Question 26· Final accounts of a sole trader· WAEC

    Opening stock ₦5,000; purchases ₦40,000; closing stock ₦7,000. Cost of goods sold is

    Explanation and discussion

  7. Question 27· Final accounts of a sole trader· JAMB

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

    Explanation and discussion

  8. Question 28· 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

  9. Question 29· Final accounts of a sole trader· JAMB

    Carriage inwards is treated in the final accounts as

    Explanation and discussion

  10. Question 30· 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

  11. Question 31· Final accounts of a sole trader· WAEC

    Carriage inwards is treated in the

    Explanation and discussion

  12. Question 32· Final accounts of a sole trader· JAMB

    Carriage inwards is treated as

    Explanation and discussion

  13. Question 33· Final accounts of a sole trader· WAEC

    Sales ₦90,000; cost of sales ₦60,000; expenses ₦12,000. Net profit is

    Explanation and discussion

  14. Question 34· Final accounts of a sole trader· WAEC

    In the balance sheet, a bank overdraft is shown as

    Explanation and discussion

  15. Question 35· Final accounts of a sole trader· JAMB

    Drawings appear in the statement of financial position as

    Explanation and discussion

  16. Question 36· Final accounts of a sole trader· WAEC

    Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.

    Explanation and discussion

  17. Question 37· 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

  18. Question 38· 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

  19. Question 39· Final accounts of a sole trader· JAMB

    Which of these is a non-current liability?

    Explanation and discussion

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