10 questions from the JAMB 2025 Accounting paper, with answers, and explanations for 6 of them. Tap "Show answer" under each one when you are ready.
JAMB 2025Question 1 · Cash Book and Bank Reconciliation
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month: Dec 1 Petty cash in hand N517; Dec 1 Petty cash to imprest N3,483; Dec 6 Bought notebooks N328; Dec 7 Paid wages N914; Dec 14 Bought postage stamps N375; Dec 16 Paid to J. Thomas, a creditor, N536; Dec 21 Paid wages N928; Dec 23 Bought envelopes N437; Dec 27 Bought postage stamps N210. Amount to be reimbursed at the end of the month is
A.N4,000
B.N3,728
C.N1,842
D.N3,483
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Answer: B. N3,728
Total expenses paid out = 328 + 914 + 375 + 536 + 928 + 437 + 210 = 3,728, which is the amount reimbursed to restore the imprest.
JAMB 2025Question 2 · Cash Book and Bank Reconciliation
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month: Dec 1 Petty cash in hand N517; Dec 1 Petty cash to imprest N3,483; Dec 6 Bought notebooks N328; Dec 7 Paid wages N914; Dec 14 Bought postage stamps N375; Dec 16 Paid to J. Thomas, a creditor, N536; Dec 21 Paid wages N928; Dec 23 Bought envelopes N437; Dec 27 Bought postage stamps N210. Amount spent on stationery is
A.N585
B.N437
C.N538
D.N765
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Answer: D. N765
Stationery items are the notebooks (328) and envelopes (437): 328 + 437 = 765.
JAMB 2025Question 3 · Cash Book and Bank Reconciliation
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month: Dec 1 Petty cash in hand N517; Dec 1 Petty cash to imprest N3,483; Dec 6 Bought notebooks N328; Dec 7 Paid wages N914; Dec 14 Bought postage stamps N375; Dec 16 Paid to J. Thomas, a creditor, N536; Dec 21 Paid wages N928; Dec 23 Bought envelopes N437; Dec 27 Bought postage stamps N210. Amount to be posted to the personal ledger is
A.N765
B.N536
C.N517
D.N585
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Answer: B. N536
The payment to J. Thomas, a creditor (a personal/ledger account), of N536 is the amount posted to the personal ledger.
JAMB 2025Question 4 · Ledger, Journal, and Source Documents
If sales is N12,000, and the gross profit margin percentage is 25%. What is the cost of sales?
A.N9,000
B.N9,600
C.N3,000
D.N2,400
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Answer: A. N9,000
Cost of sales = Sales - Gross profit. With a 25% margin on sales, gross profit = 25% x 12,000 = 3,000, so cost of sales = 12,000 - 3,000 = 9,000.
JAMB 2025Question 5 · Stock Valuation and Depreciation
Use the following information to answer this question. A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for N16,000 on 30th June, 2001. The profit or loss on sale was
A.N17,000 loss
B.N16,000 loss
C.N17,000 profit
D.N16,000 profit
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Answer: A. N17,000 loss
Depreciation charged for 4.5 years = 4.5 x 10% x 60,000 = 27,000, giving a net book value of 60,000 - 27,000 = 33,000. Sold for 16,000, so loss = 33,000 - 16,000 = 17,000.
JAMB 2025Question 6 · Stock Valuation and Depreciation
Use the following information to answer this question. A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for N16,000 on 30th June, 2001. The net book value at the time of sale was
A.N17,000
B.N16,000
C.N33,000
D.N30,000
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Answer: C. N33,000
Depreciation charged for 4.5 years = 4.5 x 10% x 60,000 = 27,000. Net book value = 60,000 - 27,000 = 33,000.
JAMB 2025Question 7 · Accounting Fundamentals
Sulah took two textile materials worth GHC 500 from his business for his children's use. This would be treated as
A.drawings.
B.loan.
C.stock.
D.sales
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Answer: A. drawings.
JAMB 2025Question 8 · Company and Partnership Accounts
Shares issued below the nominal value are referred to as shares at
A.discount
B.face value
C.cumulative value
D.premium
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Answer: A. discount
JAMB 2025Question 9 · Ledger, Journal, and Source Documents
Which of the following is determined in the Trading Account?
A.Net profit
B.Prime cost
C.Factory overheads
D.Cost of goods sold
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Answer: D. Cost of goods sold
JAMB 2025Question 10 · Manufacturing and Departmental Accounts
The head office usually issues goods to branches at
A.cost price
B.prime cost
C.net realisable value
D.production cost
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Answer: A. cost price
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