Welcome to your JAMB Accounting 2012 quiz.
You have 60minutes for this test
Ibrahim, a micro-business operator, sold 10 bags of sugar to Jide at total cost of ₦12,000.
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000. It is, however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue
1/5/07 Purchased 100 bags of milk at ₦10.00k each
Cash book extract
₦ Purchasers – ₦44,880 Sales – ₦85,850 Trade creditors – ₦12,250 Trade debtors – ₦24,000 Accrued expenses – ₦ 350 Prepaid expenses – ₦ 700 Stock 1/1/2006 – ₦25,120 Stock 31/12/2006 – ₦27,840
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.