JAMB Accounting Past Questions & Answers - Page 272

Given:
Net profit-----------------------N25,000
Cost of sale---------------------N25,000
Sales----------------------------N85,000
Determine the total expenses.

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. 
The adjustment needed as at 31st December 1993 is?

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. 
At 31/12/93, what portion of that amount was prepaid?