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

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

Compute the subscriptions received.

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

What is the closing cash balance ?

Miscellaneous expense is 10% of revenue Calculate the net income.

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

Determine the club’s excess of income over expenditure

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

What is the amount to be written off as other expenses?

The working capital of the club is

Use the information below to answer this question.

………….Total……… Dept.P………….Dept.Q
……………N……………N……………..N
Sales………10000…………6000…………..4000
Purchases……4000…………1000…………..3000
Discount received.1000……….?………………
Discounts allowed..2000………………………?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q’s share of discount allowed?

Use the information below to answer this question.

………….Total……… Dept.P………….Dept.Q
……………N……………N……………..N
Sales………10000…………6000…………..4000
Purchases……4000…………1000…………..3000
Discount received.1000……….?………………
Discounts allowed..2000………………………?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P’s share of discount received is

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

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The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
……………..Abba……Baba…….Kake
Capital……….5000……4000……3000
Current account…250……100…….175
Salary…………300……300…….—
Drawings……….600……500……..250

Current account balance of Kaka at the end of the year will be

Use the information below to answer this question

The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
……………..Abba……Baba…….Kake
Capital……….5000……4000……3000
Current account…250……100…….175
Salary…………300……300…….—
Drawings……….600……500……..250

Abba’s capital balance at the end of the year will be

Use the information below to answer this question

Date………….QTY. …..RATE……..TOTAL
……………(Units)…..N………..N
January 2nd…..500……..25……….12500
March 7th…….250……..28……….7000
Issues were made as follows:
Date…………QTY. (uNITS)
January 9th …..200
February 14th …200
March 11th ……200

The value of closing stock as at February 14th by simple average method is

Use the information below to answer this question

Date………….QTY. …..RATE……..TOTAL
……………(Units)…..N………..N
January 2nd…..500……..25……….12500
March 7th…….250……..28……….7000
Issues were made as follows:
Date…………QTY. (uNITS)
January 9th …..200
February 14th …200
March 11th ……200

The closing stock on March 11th by LIFO valuation is

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

Given:

Balance at 31st December …………N14,744m

Treasury Bills issued Jan-Dec……..N7124m

Revenue for the year …………….N6387m

Expenditure …………………….N8767m

What is the opening balance on the consolidated revenue fund account?

Given:

Sales ……………………….N195,200
Stock 1st January……………..N34,000
Purchases ……………………N126,000
Sales returns ………………..N1,200
Purchases returns …………….N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

Control accounts help to verify the arithmetic accuracy of the postings from the?

keeping records under the single entry system has the advantage of?

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

In an incomplete record system a trading account cannot be prepared until the?