JAMB UTME - Principles of Accounts - 2007

A company's authorized share capital was one million ordinary shares at ₦1 each. Issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

The total amount of money received on application was?

Given:

Calculate the surplus income.

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An asset was purchase for ₦343m in 2003.

The estimated life of the asset was 3 years with a residual value of ₦28m.

What was the asset value at the beginning of the third year?

Use the information below to answer question .

Debtors.................................₦20

Provision for bad debts..................10%

Provision for discount on debtors........5%

The provision for bad debt is?

Use the information below to answer question Debtors.................................₦20

Provision for bad debts..................10%

Provision for discount on debtors........5%Determine the amount provided for discount allowed on debtors?

The purchases ledger control account showed a credit balance of ₦525 000 on April 30, 2006.

This amount shows?

Use the information below to answer question An asset was purchase for ₦343m in 2003.

The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

Given:

Bank overdraft..............₦2000

Cash........................₦2000

Furniture...................₦4000

Calculate the total amount on the credit side of the trial balance?

Use the information below to answer questions

Balance as per cash book................?13560

Unpresented cheques.....................?5120

Uncredited lodgements...................?2300

Dividend received not entered

In the cash book........................?2000

Bank charges............................?280

Standing order payments.................?600

Balance as per bank statement............?

Calculate the balance in the bank statement.

If cheques of ₦40 000 were received but a cheque of ₦8 000 was dishonoured, the amount owed was

(i) Profits and looses will be shared unequally.

(ii) Interest is not allowed on capital.

(iii) Salaries are not allowed.

(iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?

Given:

Calculate the surplus income.

Use the information below to answer questions

Given:

Returns inwards............₦1500

Cash.......................₦1550

Discount...................₦2850

Capital....................₦3800

Debtors....................₦900

Sundry.....................N?

The value of sundry expenses is 150% of returns inwards plus 50% of debtors

The total of the trial balance is?

Use the information above to answer questions

Lighting..................₦2925

Rent......................₦2640

Salary....................₦4050

The expenses are for three different product:

Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?

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Balance as per cash book................₦13560

Unpresented cheques.....................₦5120

Uncredited lodgements...................₦2300

Dividend received not entered

In the cash book........................₦2000

Bank charges............................₦280

Standing order payments.................₦600

Balance as per bank statement............?

What is the adjusted cash book balance?

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

(i) Facilitating the preparation of final accounts

(ii) Making the existence of error easy to detect

(iii)Checking the accuracy of positions periodically.From the above, which of the following are among the uses of control accounts?

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Net loss.......................₦2300

Capital........................₦10500

Liabilities....................₦7200

Find the value of the total assets?

Given:Opening capitaL................₦7 000

Additional capital.............₦3 500

Net............................₦2 500

Closing........................₦10 250The drawings for the period stand at?

Use the information below to answer questions.

Entrance fees.........................₦1200

Subscriptions(including ₦850 arrears).₦4310

Donations received....................₦1500

Proceeds from sales...................₦2300

Total payments........................₦8200

Depreciation..........................₦2100

Closing cash balance..................₦1110

The club deposited 200% of the closing cash balance in he bank during the period.

Calculate the total figure for the receipt and payments account?

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

Use the information below to answer questions

Given:

Returns inwards............₦1500

Cash.......................₦1550

Discount...................₦2850

Capital....................₦3800

Debtors....................₦900

Sundry.....................N?

The value of sundry expenses is 150% of returns inwards plus 50% of debtors.

How much is sundry expenses?

Given:

Prepaid b/f.......................?10 000

Cash paid during the year.........?20 000

The amount to be charged to the profit and loss account is?

Use the information below to answer questions ........................1/7/2005............30/6/2006Drawings.....................................₦3 000

Capital.................25 000...............₦42 500

Furniture...............6 500...............₦10 200Additional capital during the year amounts to 300% of the drawings.

Calculate the net profit or loss made during the year.

Use the information below to answer questions

........................1/7/2005............30/6/2006

Drawings.....................................₦3 000

Capital.................25 000...............₦42 500

Furniture...............6 500...............₦10 200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

Use the information below to answer question

Net loss.......................₦2300

Capital........................₦10500

Liabilities....................₦7200

What will be the equity of the business?

Use the information below to answer questions.Entrance fees.........................₦1200

Subscriptions(including ₦850 arrears).₦4310

Donations received....................₦1500

Proceeds from sales...................₦2300

Total payments........................₦8200

Depreciation..........................₦2100

Closing cash balance..................₦1110The club deposited 200% of the closing cash balance in he bank during the period.Determine the opening cash balance of the

Maina Merchants Trading and Profit and Loss Account (Extract)

Determine the closing stock.

Given:

Shaku Company Ltd.

Stock..........................₦3600 000

Cash at hand...................₦800 000

Cash at bank...................₦2400 000

Debtors........................₦580 000

Trade creditors................₦920 000

Bank overdraft.................₦200 000

Tax liabilities................₦600 000

Salary owed to staff...........₦180 000

Determine the working capital?