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

Use the information below to answer questions .

subscription…………………N5420
Canopy rent………………….N400
Wages……………………….N1100
Post-ages……………………N300
loss from bar………………..N160
Purchases of new furniture…….N120
Premises…………………….N4000
Furniture at the beginning…….N1120

What is the cash balance in the receipts and payments account?

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Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375

What is the cost of manufactured goods?

Use the information below to answer questions

Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375

The cost of raw materials consumed is?

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Direct labour……………….N50 000
Beginning work-in-progress……N4 000
Raw materials used…………..N18 000
Indirect labour……………..N4 000
Ending finished goods………..N16 000
Ending work-in-progress………N9 000
Factory supplies used………..N7 000
Selling expenses…………….N25 000
Beginning finished goods……..N21 000
Other factory overheads………N19 000

Calculate the prime cost?

Use the information below to answer questions

Direct labour……………….N50 000
Beginning work-in-progress……N4 000
Raw materials used…………..N18 000
Indirect labour……………..N4 000
Ending finished goods………..N16 000
Ending work-in-progress………N9 000
Factory supplies used………..N7 000
Selling expenses…………….N25 000
Beginning finished goods……..N21 000
Other factory overheads………N19 000

What is the cost of goods manufactured?

A component of an overhead manufacturing cost is?

Use the information below to answer questions 25 and26.

Zazzau Company:

Cash in hand…………….N50
Cash in bank…………….N1 250
Stock…………………..N4 880
Furniture……………….N9 60
Building………………..N5 500
Debtor………………….N1 750
Creditors……………….N2 150

Drawings of N125 were made by the shareholders of the company.

They company’s net current assets amount to?

Use the information below to answer questions

Zazzau Company:

Cash in hand…………….N50
Cash in bank…………….N1 250
Stock…………………..N4 880
Furniture……………….N9 60
Building………………..N5 500
Debtor………………….N1 750
Creditors……………….N2 150

Drawings of N125 were made by the shareholders of the company.

The capital of the company stands at?

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?

Which of the following item is found on the credit side of the sales ledger control account?

Given:
purchases ledger balance…………..N4000
purchases for the period…………..N50000
Cash refunded by suppliers…………N290
Cheques paid to suppliers…………..N42300
Returns outwards…………………..N2000
Discount received from suppliers…….N400

The balance of the purchases ledger control account is?

The item that are contained in the bought ledger control account are?

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The net book value of the piece of equipment at the time of sale was?

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The accumulated depreciation provision at the time of sale was?

Goods withdraw from business for private use are credited to?

Given:
………………………….Jan.2003………Dec. 2003
Provision for bad debt……..N1000
Debtors……………………………………N20000
Bad debt to be written off…………………..N2000

The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

In a three-column cash book,the discount allowed is shown on the?

A rent received by a trader for sub-letting part of his business premises should be added to the?

In a three-column cash book,the discount allowed is shown on the?

five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier……N500
Petty cashier paid out: stamp…….N200
Newspaper………………………N250

Period 2:
Cash to petty cashier……………N450
Cashier paid for writing materials..N350

What was the balance of cash with the petty cashier ata the end of period 1?

five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier……N500
Petty cashier paid out: stamp…….N200
Newspaper………………………N250

Period 2:
Cash to petty cashier……………N450
Cashier paid for writing materials..N350

How much should the petty cashier receive after period 2?