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

Use the information to answer the question.
……………………..30/9/06…….30/9/07…..
……………………….N………….N………
Accrued insurance premium…600………..710…….
Prepaid rent income………490…………630……

The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.

What amount is to be credited to the profit and loss account in respect of rent income?

Use the information to answer the question.
……………………………………………30/9/06…….30/9/07…..
……………………………………………….N………….N………
Accrued insurance premium……..600………..710…….
Prepaid rent income………………..490…………630……

The cash book includes N1,850 and N,2,100 with respect to insurance premium and rent income respectively.

The insurance premium to be taken to the profit and loss account would be.

If the opening stock is 5% of sales. calculate the purchases

If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?

One of the reasons for the existence of the public sector is to?

Which of the following is credited to the consolidated revenue fund?

Replacement and renewal of fixed assets are?

Expenditure incurred on consumables and goods for resale is?

The book value per share is obtained by dividing?

Provision for bad and double debts in companies final accounts is treated in?

Use the information below to answer questions below;

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

The second and final call account was debited with?

Use the information below to answer questions below;

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

The share premium account would be?

In a partnership account, conversation of non-cash assets into cash is referred to as?

Use the information to answer question below

Capital balances b/d:…..P………….N20,000
……………………..K………….N10,000
Drawings:……………..P………….N2, 000
……………………..K………….N1, 000
Share of profits:………K………….N4, 000
……………………..K………….N2, 000
Salary………………..P………….N1, 000
Interest on drawings:…..K………….N100
……………………..K………….N20

If the capital of the partnership is unfixed, what is K’s current accounts?

Use the information to answer question below

Capital balances b/d:…..P………….N20,000
……………………..K………….N10,000
Drawings:……………..P………….N2, 000
……………………..K………….N1, 000
Share of profits:………K………….N4, 000
……………………..K………….N2, 000
Salary………………..P………….N1, 000
Interest on drawings:…..K………….N100
……………………..K………….N20

Assuming that the partnership maintains a fixed capital, what is P’s closing capital?

Given:

Net profit b/d…………………N10,000
Interest on capital:…M………..N2, 000
…………………..K………..N1, 000
Partners’ on salary….K………..N800
Interest on drawings…M………..N500
Profit sharing ratio M and K 3:2

Determine M’s share of profit?

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take \(\frac{1}{5}\) as her share,  what is the new profit or loss sharing ratio?

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

One of the purposes of maintaining the account of a branch at the head office is to?

Use the information to answer questions

…………………….     Departments
………………………                      P                Q                R
Sales value……………                           N23,400
Selling expenses……….      1,100         N1,400         N1,280
Administrative expenses…N1,400       N1,000          N1,020
Cost of sales………….      N6,900….    N6,700           N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

Determine the total expenses of department P?

Use the information to answer question below

…………………….     Departments
………………………                      P                Q                R
Sales value……………                           N23,400
Selling expenses……….      1,100         N1,400         N1,280
Administrative expenses…N1,400       N1,000          N1,020
Cost of sales………….      N6,900….    N6,700           N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?