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

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock

Based on the FIFO method of valuation the total cost of the raw materials issued is

WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?

The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The cash book closing balance will be

The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.

The amount withdrawn is

The depreciation to be charged to department T is ?

What is the net profit made by department S?

The value of the owner’s equity is

What is the value of the authorized share capital?

What is the capital at start?

Credit purchases are always put at 150% of the total cash paid to suppliers

Determine the credit purchases

Credit purchases are always put at 150% of the total cash paid to suppliers

Calculate the closing balance of the ledger account

Use the information to answer this question

Date………….Details……………………
Feb……..1 Purchased 400 units at N1.00 each
,, ……..5 Purchased 200 units at N2.00 each
,,………10 Purchased 200 units at N300 each
,, ………15 Issued 320 units
,,……….20 Issued 200 units at N4,00 each
,,……….25 Issued 120 units

Using the periodic simple average method, the cost per unit is

Use the information to answer this question

Date………….Details……………………
Feb……..1 Purchased 400 units at N1.00 each
,, ……..5 Purchased 200 units at N2.00 each
,,………10 Purchased 200 units at N300 each
,, ………15 Issued 320 units
,,……….20 Issued 200 units at N4,00 each
,,……….25 Issued 120 units

Calculate the price per unit of closing stock using the periodic weighted average method.

Use the information below to answer this questions

Capital………………N…………N……..
Land and building…….18470……..24000….
Mortgage on premises……………….11090…
Drawings……………3000……………….
Profit and loss……………………3600…
Furniture and fittings…5120……………..
Motor Vehicles………..3462…………….
Closing Stock…………3000…………….
Debtors………………11474……………
Creditors…………………………7354.
Cash…………………1518…………….
……………………..46044………46044

Calculate the value of fixed assets

Use the information below to answer this questions

Capital………………N…………N……..
Land and building…….18470……..24000….
Mortgage on premises……………….11090…
Drawings……………3000……………….
Profit and loss……………………3600…
Furniture and fittings…5120……………..
Motor Vehicles………..3462…………….
Closing Stock…………3000…………….
Debtors………………11474……………
Creditors…………………………7354.
Cash…………………1518…………….
……………………..46044………46044

What is the capital employed?

What is the consolidated revenue fund balance?

Use the information to answer this question.

…………..ZEBRA PLC…………..
………….Balance sheet as at 31st March, 2002
……………N……………N…………N……
Capital……100,000…Fixed assets:
Current…………….Land &………………
Liabilities………..buildings..50,000……
Creditors……..30000..Furniture..10,000….60,000
…………………..Current………………
…………………..Assets: …….
………………Stock ………30,000………..
………………Debtors…….30,000………….
………………Cash……….10,000……70,000..
………….130,000…………………….130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm’s bank account additional N20,000 was paid into the bank.

Calculate the network of the business

Use the information to answer this question.

…………..ZEBRA PLC…………..
………….Balance sheet as at 31st March, 2002
……………N……………N…………N……
Capital……100,000…Fixed assets:
Current…………….Land &………………
Liabilities………..buildings..50,000……
Creditors……..30000..Furniture..10,000….60,000
…………………..Current………………
…………………..Assets: …….
………………Stock ………30,000………..
………………Debtors…….30,000………….
………………Cash……….10,000……70,000..
………….130,000…………………….130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm’s bank account additional N20,000 was paid into the bank.

The goodwill on purchase is

Use the information below to answer question .
Capital ……………….N2000
Bank ………………….N1200
Purchase ………………N2500
Sales …………………N6700
Stock …………………N1300
Creditors ……………..N1000
Fixed assets……………N3700
Drawings ………………N?
Drawings are always estimated at 50% of capital.

Compute the amount withdrawn

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

Compute the subscriptions received.