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

(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?

Given:
Stock at start:
Raw materials…………….N57 000
Work-in-progress………….N42 000
Finished goods……………N71 000

Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.

Calculate the prime cost?

Determine the opening cash balance of the club?

Use the information below to answer questions.

Entrance fees…………………….N1200
Subscriptions(including N850 arrears).N4310
Donations received………………..N1500
Proceeds from sales……………….N2300
Total payments……………………N8200
Depreciation……………………..N2100
Closing cash balance………………N1110

The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?

A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?

In converting a to a partnership company, the loss on asset revaluation is?

MPOBA Club’s annual donations from members amount to 112% of its internally generated revenue from the following.

Sales of drinks……………….N212 500
Annual dues…………………..N112 000

How much is the total receipt of the club?

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

Given:

Subscriptions received………N200 000
Subscriptions owed………….N10 000
Subscriptions in advance…….N25 000

Calculate the subscription in the income and expenditure account?

Given:
………………..January………….December
Assets…………….N28,320………….N25,320
Creditors………….N5,620…………..N10,320

The proprietor made drawings of N755 per month for personal use.

The profit for the period is?

When goodwill is not retained in the business, the entries in the new partners’ book will be to debit?

Departmentalization of accounts is useful because it shows the?

Use the information below to answer question .

Prime cost………………N12 100
lighting………………..N10 000
Heating…………………N15 000
Factory overhead…………?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

Interest on the drawings of partners is treated in the?

Use the information below to answer question .

Prime cost………………N12 100
lighting………………..N10 000
Heating…………………N15 000
Factory overhead…………?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

The factory overhead is?

Stock 1/1/2002…………………………….N40 000
Goods received from head office……………..N800 000
Goods returned to head office……………….N34 000
Sales…………………………………….N916000
Stock 31/12/2000…………………………..N72 000

From the data above determine the cost of goods credited to the head office trading account.

Use the information below were to answer questions

……………….Stationary Dept………….Video Dept.
Sales …………..N10,600…………………N15,175
Cost of goods sold..N5,247………………….N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Find the total expenses allocated to the stationary department?

Use the information below were to answer questions

……………….Stationary Dept………….Video Dept.
Sales …………..N10,600…………………N15,175
Cost of goods sold..N5,247………………….N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Determine the net profit of the business?

Given:

Stock of raw materials 1/40…………N11 150
Purchases of raw materials………….N112 550
Raw material returned………………N31 150
Stock of Raw materials 31/12/04……..N27 150

Calculate the cost of raw materials consumed?

Use the information below to answer question

Capital……………………………N60 000
Bank………………………………N12 500
General expenses……………………N5 250
Creditors………………………….N17 000
Stock……………………………..N98 500
Fixed assets……………………….N42 000
Insurance and rates…………………N18 800
Purchase…………………………..N63 850

Determine the total of the trial balance?

Use the information below to answer question

Capital……………………………N60 000
Bank………………………………N12 500
General expenses……………………N5 250
Creditors………………………….N17 000
Stock……………………………..N98 500
Fixed assets……………………….N42 000
Insurance and rates…………………N18 800
Purchase…………………………..N63 850

What is the cash balance on the debit side if it is the only item omitted?

Adaobi mistakenly entered N7000 as credit sales in Abba’s account. This is?