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

What is the capital at start?

Credit purchases are always put at 150% of the total cash paid to suppliers

Determine the credit purchases

Credit purchases are always put at 150% of the total cash paid to suppliers

Calculate the closing balance of the ledger account

Use the information to answer this question

Date………….Details……………………
Feb……..1 Purchased 400 units at N1.00 each
,, ……..5 Purchased 200 units at N2.00 each
,,………10 Purchased 200 units at N300 each
,, ………15 Issued 320 units
,,……….20 Issued 200 units at N4,00 each
,,……….25 Issued 120 units

Using the periodic simple average method, the cost per unit is

Use the information to answer this question

Date………….Details……………………
Feb……..1 Purchased 400 units at N1.00 each
,, ……..5 Purchased 200 units at N2.00 each
,,………10 Purchased 200 units at N300 each
,, ………15 Issued 320 units
,,……….20 Issued 200 units at N4,00 each
,,……….25 Issued 120 units

Calculate the price per unit of closing stock using the periodic weighted average method.

Use the information below to answer this questions

Capital………………N…………N……..
Land and building…….18470……..24000….
Mortgage on premises……………….11090…
Drawings……………3000……………….
Profit and loss……………………3600…
Furniture and fittings…5120……………..
Motor Vehicles………..3462…………….
Closing Stock…………3000…………….
Debtors………………11474……………
Creditors…………………………7354.
Cash…………………1518…………….
……………………..46044………46044

Calculate the value of fixed assets

Use the information below to answer this questions

Capital………………N…………N……..
Land and building…….18470……..24000….
Mortgage on premises……………….11090…
Drawings……………3000……………….
Profit and loss……………………3600…
Furniture and fittings…5120……………..
Motor Vehicles………..3462…………….
Closing Stock…………3000…………….
Debtors………………11474……………
Creditors…………………………7354.
Cash…………………1518…………….
……………………..46044………46044

What is the capital employed?

What is the consolidated revenue fund balance?

Use the information to answer this question.

…………..ZEBRA PLC…………..
………….Balance sheet as at 31st March, 2002
……………N……………N…………N……
Capital……100,000…Fixed assets:
Current…………….Land &………………
Liabilities………..buildings..50,000……
Creditors……..30000..Furniture..10,000….60,000
…………………..Current………………
…………………..Assets: …….
………………Stock ………30,000………..
………………Debtors…….30,000………….
………………Cash……….10,000……70,000..
………….130,000…………………….130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm’s bank account additional N20,000 was paid into the bank.

Calculate the network of the business

Use the information to answer this question.

…………..ZEBRA PLC…………..
………….Balance sheet as at 31st March, 2002
……………N……………N…………N……
Capital……100,000…Fixed assets:
Current…………….Land &………………
Liabilities………..buildings..50,000……
Creditors……..30000..Furniture..10,000….60,000
…………………..Current………………
…………………..Assets: …….
………………Stock ………30,000………..
………………Debtors…….30,000………….
………………Cash……….10,000……70,000..
………….130,000…………………….130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm’s bank account additional N20,000 was paid into the bank.

The goodwill on purchase is

Use the information below to answer question .
Capital ……………….N2000
Bank ………………….N1200
Purchase ………………N2500
Sales …………………N6700
Stock …………………N1300
Creditors ……………..N1000
Fixed assets……………N3700
Drawings ………………N?
Drawings are always estimated at 50% of capital.

Compute the amount withdrawn

Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:

On application …………………….N0.40
On allotment ………………………N0.20
First call (including premium ofN0.50)..N0.70

What is the balance of the ordinary share capital account after the first call was received?

Gross profit in the branch adjustment account is transferred to the branch?

The amount of each invoiced goods sent to the branch is debited to?

The necessary accounts to be opened on the issue of ordinary share capital are?

Use the information below to answer question

Goods from head office…………….N13,400
Returns to head office ……………N118
Rates and insurance paid ………….N188
Wages paid ………………………N913
Cash remitted to head office……….N16,625
Stock at 1/1/2000…………………N1,875
Rents paid ………………………N325
Stock at 31/12/2000 ………………N1,975
Sundry expenses ………………….N200

What is the total expenses?

Use the information below to answer question

Goods from head office…………….N13,400
Returns to head office ……………N118
Rates and insurance paid ………….N188
Wages paid ………………………N913
Cash remitted to head office……….N16,625
Stock at 1/1/2000…………………N1,875
Rents paid ………………………N325
Stock at 31/12/2000 ………………N1,975
Sundry expenses ………………….N200

The profit realized from the trade is?

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to……N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

Which of these is a capital expenditure warrant?

Given:

Total debtors b/d 31/12/99……………N25 000
Cheques received from debtors ………..N255 000
Total debtors c/d 31/12/00……………N15 000

Determine the sales figure?