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

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

What is the closing cash balance ?

Miscellaneous expense is 10% of revenue Calculate the net income.

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

Determine the club’s excess of income over expenditure

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

What is the amount to be written off as other expenses?

The working capital of the club is

Use the information below to answer this question.

………….Total……… Dept.P………….Dept.Q
……………N……………N……………..N
Sales………10000…………6000…………..4000
Purchases……4000…………1000…………..3000
Discount received.1000……….?………………
Discounts allowed..2000………………………?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q’s share of discount allowed?

Use the information below to answer this question.

………….Total……… Dept.P………….Dept.Q
……………N……………N……………..N
Sales………10000…………6000…………..4000
Purchases……4000…………1000…………..3000
Discount received.1000……….?………………
Discounts allowed..2000………………………?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P’s share of discount received is

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

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The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
……………..Abba……Baba…….Kake
Capital……….5000……4000……3000
Current account…250……100…….175
Salary…………300……300…….—
Drawings……….600……500……..250

Current account balance of Kaka at the end of the year will be

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The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
……………..Abba……Baba…….Kake
Capital……….5000……4000……3000
Current account…250……100…….175
Salary…………300……300…….—
Drawings……….600……500……..250

Abba’s capital balance at the end of the year will be

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Date………….QTY. …..RATE……..TOTAL
……………(Units)…..N………..N
January 2nd…..500……..25……….12500
March 7th…….250……..28……….7000
Issues were made as follows:
Date…………QTY. (uNITS)
January 9th …..200
February 14th …200
March 11th ……200

The value of closing stock as at February 14th by simple average method is

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Date………….QTY. …..RATE……..TOTAL
……………(Units)…..N………..N
January 2nd…..500……..25……….12500
March 7th…….250……..28……….7000
Issues were made as follows:
Date…………QTY. (uNITS)
January 9th …..200
February 14th …200
March 11th ……200

The closing stock on March 11th by LIFO valuation is

The value of x is

WHAT IS THE STOCK VALUATION METHOD USED?

Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N’000 N ‘000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000

If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N’000 N ‘000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000

Assuming all the investments realized N4m, what will be the endig fund balance?

» Given:

Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000

Calculate the shareholders fund

Given:

Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000

Determine the net current assets

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Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

What is the capital from the opening balance sheet?

Given

Dept A Dept B
Floor space 40m² 60m²
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been