Accounts - Principles of Accounts JAMB, WAEC, NECO AND NABTEB Official Past Questions

The excess of income over expenditure is usually transferred to the?

Given:

Club trading profit N12,000

Members” subscription N15,000

Profit on sale of fixed assets N2,500

Loss on sale of investments N1,000

Wages N16,500

Other expenses N10,000

Determine the club”s excess of income over expenditure?

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000

What is the subscription to be charged to income and expenditure account?

Use the information below to answer questions

Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000

The N6,000 subscription received is?

Lubricating oil and spare parts of machinery are examples of?

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

How much is owed to suppliers?

Use the information below to answer question 25 and 26.
Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

What is the bar profits?

Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500

From the data above, compute the prime cost?

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

Determine the total fixed assets from the opening balance sheet?

For an incomplete record to provide necessary information, it must be converted to?

Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000

What is the purchases ledger balance?

Use the information below to answer question .

Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000

Calculate the sales ledger balance?

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

The depreciation expenses charged for the year is?

Use the information below to answer question
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

What was the value of fixed assets at the beginning of the year?

If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?

Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?

When a bill is negotiated to a bank, it is said be?

In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses?

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?