JAMB Past Questions and Answers - Page 874

Use the information below to answer this question

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.

 

The revenue to be added as an adjustment is

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.

 

Determine the adjusted net profit

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A source document is used for verifying the 

Recurrent expenditures are expenses for the period not exceeding