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

Which of the following is an example of a device that can be used for input, storage, and output in a computer system?

An example of accounts in the nominal ledger is

Suppliers accounts are found in the

Rent accrued at the end of an accounting period is a

The term “set off” in control account is also called

Pending the location of an error, the difference in the Trial Balance is posted to a __

The following are causes of discrepancies between the cash book and the bank statement balances except

In government accounting, money allocated to each head and sub-heads is referred to as      

The following accounts have debit balances except

A commission of #5000 to a sales manager was debited to debtors account. This is an error of

An amount paid in cash to John is Dr to John and Cr to

Tolu purchased a machine for #6,000 on credit. The effect is to debit.. supplier
and credit the account of the

The short term solvency of a company is determined with ___ ratio

A public limited liability company can get additional fund through the issue of

An example of fictitious assets is

Goods bought on credit are first entered in the

The amount by which assets exceeds liabilities is

a. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application
D 3 on Allotment
D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

Share Application Account

b. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application
D 3 on Allotment
D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:
Allotment Account

c. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application
D 3 on Allotment
D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:
First and Final call Account

d. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application
D 3 on Allotment
D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:
Bank Account

e. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application
D 3 on Allotment
D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:
Ordinary Share Capital Account

Easyway Limited produced disposable products for the health sector.

Information available for the year ended 31st December 2021 is as follows:
 

Additional information
Apportion rent, electricity and depreciation of vehicles to factory and office in the ratio 3:2 respectively.

You are required to prepare Manufacturing, Trading, Profit and Loss Account for the year ended 31st December 2021.

a. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
 

Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F

(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000

(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.

You are required to compute:

The total revenue for the country for the year 2021

b. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
 

Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F

(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000

(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.

You are required to compute:
Revenue for the Federal/Central government for the year 2021

c. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
 

Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F

(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000

(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.

You are required to compute:
Revenue for the Regions/State collectively and individually for the year 2021.

a. The following is the trial balance of Abete Trading Company as at 31st December 2020:
 

Additional information
(i) Stock in hand on 31st December 2020 was Le 4,000
(ii) Investigation revealed the following errors which necessitated the opening of suspense account:
– Drawings of Le 1,000 was posted to salaries and wages account
– Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300
– Purchases day book was undercast by Le 2,000
– Discount allowed of Le 200 to a customer had not been posted to the customer’s account
(iii) Depreciation of fixed assets is 10% per annum.

You are required to:

Correct the errors through journal entries (no narration is required).

b. The following is the trial balance of Abete Trading Compnay as at 31st December 2020:
 

Additional information
(i) Stock in hand on 31st December 2020 was Le 4,000
(ii) Investigation revealed the following errors which necessitated the opening of suspense account:
– Drawings of Le 1,000 was posted to salaries and wages account
– Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300
– Purchases day book was undercast by Le 2,000
– Discount allowed of Le 200 to a customer had not been posted to the customer’s account
(iii) Depreciation of fixed assets is 10% per annum.

You are required to:
Prepare Trading, Profit and Loss Account for the year ended 31st December, 2020