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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 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· WAEC

    Sales are ₦100,000 and the margin is 20%. Gross profit is

    Explanation and discussion

  3. Question 3· Incomplete records· JAMB

    A statement of affairs is prepared to find the

    Explanation and discussion

  4. Question 4· Incomplete records· WAEC

    Cost of sales is ₦60,000 and mark-up is 25%. Sales are

    Explanation and discussion

  5. Question 5· Incomplete records· WAEC

    Single entry is

    Explanation and discussion

  6. Question 6· 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

  7. Question 7· Incomplete records· JAMB

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

    Explanation and discussion

  8. Question 8· Incomplete records· WAEC

    Incomplete records are common among

    Explanation and discussion

  9. Question 9· Incomplete records· WAEC

    A statement of affairs is used to find

    Explanation and discussion

  10. Question 10· Incomplete records· WAEC

    Single entry is a system in which

    Explanation and discussion

  11. Question 11· Incomplete records· JAMB

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

    Explanation and discussion

  12. Question 12· Incomplete records· JAMB

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

    Explanation and discussion

  13. Question 13· Incomplete records· WAEC

    Capital at the start ₦100,000; at the end ₦130,000; drawings ₦20,000; additional capital ₦10,000. Net profit is

    Explanation and discussion

  14. Question 14· Incomplete records· JAMB

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

    Explanation and discussion

  15. Question 15· 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

  16. Question 16· 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

  17. Question 17· Incomplete records· WAEC

    A trader's assets total ₦70,000 and liabilities ₦25,000. Using a statement of affairs, his capital is

    Explanation and discussion

  18. Question 18· Incomplete records· JAMB

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

    Explanation and discussion

  19. Question 19· Incomplete records· WAEC

    A statement of affairs is prepared to find

    Explanation and discussion

  20. Question 20· Incomplete records· JAMB

    Single-entry records are most commonly kept by

    Explanation and discussion

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