JAMB UTME - Principles of Accounts - 2001

Given:

Authorized Capital: N

100,000 ordinary shares of ₦1 eash

Issued and fully paid:

50,000 ordinary shares of ₦1 each 50,000

10, 000 8% perference shares

Of ₦1 each

Reserves 10,000

Creditors 25,000

Debtors 13 000

Cash in hand 5000

Determine the net current assets

» 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 ₦2m and ₦5m realized from the accounts receivable what will be the balance of the fund?

Use the information below to answer question .Purchases ledger opening balances ₦4,000

Sales ledger opening balances ₦6,000

Credit purchases during the year ₦25,000

Discounts allowed ₦1,000

Returns inwards ₦2,000

Credit sales during the year ₦10,000

Returns outwards ₦6,000Calculate the sales ledger balance?

Use the information below to answer question

Given: 31/12/98 31/12/99

Assets: Plant and Mach. ₦1,500 ₦1,200

Fixtures ₦700 ₦520

Stock ₦500 ₦600

Debtors ₦900 ₦400

Cash ₦200 ₦300

Liabilities: Creditor ₦500 ₦600

Loan ₦600 ₦400Determine the total fixed assets from the opening balance sheet?

Use the information below to answer question

Given: 31/12/98 31/12/99

Assets: Plant and Mach. ₦1,500 ₦1,200

Fixtures ₦700 ₦520

Stock ₦500 ₦600

Debtors ₦900 ₦400

Cash ₦200 ₦300

Liabilities: Creditor ₦500 ₦600

Loan ₦600 ₦400What is the capital from the opening balance sheet?

Use the information below to answer question.

Given:

Fixed assets: ?85,600
Sales: ?197,000
Stock: ?34,300
Salaries: ?37,000
Purchases: ?127,700
Share capital: ?120,000
Creditors: ?16,050
Motor expenses: ?10,500
Debtors: ?25,000

What is the cash balance?

» Given:Authorized Capital: N

100,000 ordinary shares of ₦1 eash

Issued and fully paid:

50,000 ordinary shares of ₦1 each 50,000

10, 000 8% perference shares

Of ₦1 each

Reserves 10,000

Creditors 25,000

Debtors 13 000

Cash in hand 5000Calculate the shareholders fund

Use the information below to answer question 25 and 26.

Bar opening stock ₦10,000

Amount owed to bar suppliers at

The end the beginning of the year ₦10,000

Bar sales ₦50,000

Bar credit purchases ₦40,000

Payment to suppliers ₦30,000

Bar expenses ₦1,000

Bar closing stock ₦15,000What is the bar profits?

The current growth in the volume of trading and financial dealings in Nigeria is helped by

Given:

Direct material ₦2,500

Direct labour ₦5,000

Direct expenses ₦1,000

Overhead expenses ₦1,500From the data above, compute the prime cost?

Given:Club trading profit ₦12,000

Members'' subscription ₦15,000

Profit on sale of fixed assets ₦2,500

Loss on sale of investments ₦1,000

Wages ₦16,500

Other expenses ₦10,000

Determine the club''s excess of income over expenditure?

Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.

What is the new profit-sharing ratio of Marhumu and Yusuf?

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 ₦4m, what will be the endig fund balance?

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 ₦20,000, what must have been the purchas price?

Use the information below to answer question

Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.

The depreciation expenses charged for the year is?

Use the information below to answer the question that follows:

Given:

Determine the total of the trial balance.

Use the information below to answer question 25 and 26.

Bar opening stock ₦10,000

Amount owed to bar suppliers at

The end the beginning of the year ₦10,000

Bar sales ₦50,000

Bar credit purchases ₦40,000

Payment to suppliers ₦30,000

Bar expenses ₦1,000

Bar closing stock ₦15,000How much is owed to suppliers?

Use the information below to answer question

Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.What was the value of fixed assets at the beginning of the year?

A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.

The balance of the payments account is?

What is the stock valuation method used?

Hauwa Ltd bought 10bags of rice for ₦500 each.

The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

Use the information below to answer question.

Given:Fixed assets ₦85,600

Sales ₦197,000

Stock ₦34,300

Salaries ₦37,000

Purchases ₦127,700

Share capital ₦120,000

Creditors ₦16, 050

Motor expenses ₦10,500

Debtors ₦25,000Determine the total of the trial balance?

Use the information below to answer questions Subscription received during the year ₦30,000

Subscription owed last year ₦4,000

Subscription received for next year ₦6,000The ₦6,000 subscription received is?