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

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor’s contra 6,000
The closing control account balance is

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

The production cost of finished goods is

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

What is the cost of the opening raw materials?

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

Determine the owners equity

Use the information below to answer the question

The quick ratio is

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Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

Calculate the gross profit for the period?

Use information below to answer this question.

Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650

What is the closing stock for the period?

Given:

Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

What is the balance c/d in the purchases ledger control account?

Use the information to answer the question

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

The Total for the purchases ledger control account is

Appropriation Account

Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.

The end result of governmental accounting procedure is to

Public sector accounting is based on

Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined

II. The capital of the business can be calculated easily

III. Easy knowledge of the sources of funding

IV. Encouragement of healthy rivalry among the various departments

If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is

The acid test ratio in the company is

What is the working capital?

A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?