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

Yallawa Stores Ltd has two departments. The following balances Were extracted from its books as at 31st December 2017.

Purchases: Department A    720,000
                   Department B   520,000
Rent and rates                       50,000
Commission                          55,000
Insurance                                5,000
Sales: Department A         1,500,000
           Department B         1,250,000
Discount received                124,000
Advertising                             20,000
Salaries and wages             250,000
Depreciation                          35,000
Administration and general expenses 50,000
Opening stock: Department A   150,000
                         Department B   100,000
CIosing stock: Department A     175,000
                       Department B     142,000

Additional information: Expenses are to be apportioned to the departments as follows
i. commission on the basis of sales:
ii. salaries and wages – 3:2 for Department A and B respectively
iii. discount received – 10% of purchases
iv. other expenses are to be apportioned equally.

You are required to prepare a Departmental Trading, Profit, and Loss Account for the year ended 31st December 2017.

The following balances were extracted from the books of Abobakau Local Government for the year ended 31st December 2019.

Construction of an office block —— 3,850,000
Renovation of classroom blocks —-1,065,500
Court fines—- ——————————–90,000
Building permits —- ———————–650,000
Rehabilitation of street lights– ———-470,500
Wages and salaries———————-7,880,450
Medical services — ———————-1,334,650
Provision of pipe borne water— —–2,500,000
Interest on investments——————-250,000
Lorry park levies—————————-380,000
Market tolls———————————–560,000
Property rates—————————–1,200,000
General administration——————- 630,700
Motor vehicle procured—————–6,653,000
Extension of office building————- 950,000 
Royalties ———————————-4,500,000
Subvention from Central/Fed govt 20,000,000
Grants from donor agencies———2,000,000
Donations to charity homes———-250,000
Entertainment permits——————70,000
Staff training —————————-550,000
Entertainment expenses ————200,000
Marriage registration fees ————80,000 
Allowances to community leaders-380,000
Birth certificate fees ——————160,000
Maintenance of motor vehicles—-650,000

You are reg You are required to prepare for the ended 31st December 2019

(a) Statement of Recurrent Expenditure

(b) Statement of Capital Expenditure 

(c) Statement of Revenue

The books of Omiye Social Club showed the following information for the year ended 31st December 2015

Balances as at 1st January 2015 were as follows:

Accumulated fund 266,000
Bank deposit  80,000
Clubhouse 160,000
Furniture and fittings  24,000

Additional information
i. Outstanding as at 31st December 2015:
– stationery N400
– general expenses 1,200

ii. Salaries of l0,600 paid including 1,000 owed since 2014.

iii. Depreciate clubhouse by 10% and furniture and fittings by 15%

You are required to prepare:

(a) Income and Expenditure Account for the year ended 31st December 2015

(b) Balance Sheet as at that date.

The following transactions were extracted from the books of Odis Enterprises for the year ended 31st December 2018: 0) cash received from trade debtors N100,000

i. cash paid to suppliers N72,000
ii. expenses paid during the year were: rent- N2,500, general expenses N1,800
iv. cash of N5200 was withdrawn by the proprietor for personal use.
v. fixed assets valued at  N8,000 on 31st December 2017 were to be depreciated at 10 per annum

Additional information:
                           31st December 2017     31st December 2018
Trade debtors          11,000                              13,000
Trade creditors         4,000                                6,500
Rent owing                 –                                         500
Cash                       12,100                               30,000                            
Stock                       15,900                               17,000

You are required to prepare:
(a) Statement of Affairs as at 1st January 2018
(b) Cashbook
(c)  Trading Profit and Loss Account for the year ended 31st December 2018.

(a) List; 
i. three books of accounts used In public sector accounting
ii.  four users of public sector accounting information.

(b) State four differences between the private sector accounting and the public sector accounting

(a) Explain the term fixed capital account.

(b) State three conditions that would result in a change in the profit and loss sharing ratio of a partnership.

(c) Outline three circumstances that would give rise to the creation of goodwill in a partnership

(a)What is a not-for-profit making organization?

(b) Outline two differences between a for-profit organization and a not-for-profit making organisation.

(c) Explain the following sources of funding in a not-for-profit making organisation:
i. subscription
ii. life membership fee
iii.  entrance fee
iv. donation

(a) Outline two differences between bookkeeping and accounting

(b) List one source document used for each of the following transactions:
i. sales
ii. purchases
iii. cash deposit
iv. salary
v. returns outwards

(c) State three purposes of source documents

A method of charging depreciation at a fixed percentage of the net book value is 

The document which contains the internal regulations of a limited liability company is the 

The excess of net assets acquired over purchase consideration is 

Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2.000

The amount of sales is

Income received in advance is treated in the balance sheet as a 

A computer set bought for150,000 was disposed of for N45,000 after some years of use. The profit on disposal was 7,500. Accumulated depreciation at the time of disposal was 

The internal users of accounting information are the

The accounting equation of a business shows the
 

A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be 

The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is
 

An example of a real account is 

A partner who contributes capital but does not participate in the day-to-day running of the business is 

Doe and Sons Limited would enter the 3% discount in the