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

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

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?

Receipts and payments accounts is the summary of?

Use the information below to answer question

Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

What is the balance of the income and expenditure account?

Use the information below to answer question

Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

What is the receipts and payment account balance?

The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?

A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N’s share of the expense?

Use the information below to answer question .

………..PQ Manufacturing Company

Raw materials (1/11/2001)………..N3 500
Raw materials (31/12/2001)……….N4 900
Purchase of raw materials………..N56 000
Salary ………………………..N63 000
Wages………………………….N148 000
Factory lighting ……………….N3 080
Plant Depreciation………………N2 800
Factory Insurance ………………N2 170

The company consumed raw materials worth?

Use the information below to answer question .

………..PQ Manufacturing Company

Raw materials (1/11/2001)………..N3 500
Raw materials (31/12/2001)……….N4 900
Purchase of raw materials………..N56 000
Salary ………………………..N63 000
Wages………………………….N148 000
Factory lighting ……………….N3 080
Plant Depreciation………………N2 800
Factory Insurance ………………N2 170

The overhead cost is?

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.

What is the overpaid portion of the rent?

Given:
…………..Rich Social Club………..
Cash…………………….N100,000
Loan ……………………N30,000
Subscription in arrears……N5,000
Subscription in advance……N15,000
What is the accumulation fund?

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?