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

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)
The capital expenditure of the club for the year was

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)
The total expenses debited to Income and Expenditure Account for the year was

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)
The amount of income credited to Income and Expenditure Account for the year was

use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
The cost goods for the stationery is

use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The profit of the Stationery Department is

use the following information to answer the given question
\(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & \text{-Salaries} & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\)
Additional Information (i) No closing stock
(ii) Common expenses are to be shared in the ratio sales
The net profit of Footwares Department is

Use the following information to answer the given question

Kudi Local Government Council incurred the following expenditure in 1995:
\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)
The amount of revenue expenditure for 1995 was

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{“X”} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{“Y”} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
The balance of 450 in the above accounts represents

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{“X”} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{“Y”} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
“Y” represents

Use the following to answer the given question
Creditors Control Account:
\(\begin{array}{c|c} & & & N \\ \hline Bank & \text{“X”} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{“Y”} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\)
How much “X” ?

Which of the following is not a revenue receipt?

Which of the following serves the same purpose as a Trading Account?

When a share is sold for less than its nominal value, the difference is called

Use the following information to answer this question

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The amount of goodwill was

Use the following information to answer this question

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The purchase consideration was

Which of the following is a factory overhead?

Rent receivable is a

Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing

Which of the following best described the path of a transaction?

The amount of a company’s profit given to a shareholder is known as

The person who is responsible for the formation of a company is called the