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JAMB and WAEC Accounts (Principles of Accounts) questions: Incomplete records

31 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· 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

  2. Question 22· Incomplete records· JAMB

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

    Explanation and discussion

  3. Question 23· Incomplete records· WAEC

    Capital at start ₦30,000, capital at end ₦45,000, drawings ₦5,000, no new capital. Profit is

    Explanation and discussion

  4. Question 24· Incomplete records· WAEC

    Sales are ₦240,000 and the gross margin is 25% of sales. Find the cost of sales.

    Explanation and discussion

  5. Question 25· Incomplete records· WAEC

    Cost of goods sold is ₦60,000 and the mark-up is 25% on cost. Sales are

    Explanation and discussion

  6. Question 26· Incomplete records· WAEC

    Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.

    Explanation and discussion

  7. Question 27· Incomplete records· JAMB

    Purchases can be found from incomplete records using the

    Explanation and discussion

  8. Question 28· 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

  9. Question 29· Incomplete records· WAEC

    Sales are ₦80,000 and the margin is 25% on sales. Gross profit is

    Explanation and discussion

  10. Question 30· 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

  11. Question 31· Incomplete records· WAEC

    A trader adds 25% to cost. Cost of sales is ₦160,000. Find the sales.

    Explanation and discussion

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