JAMB UTME - Principles of Accounts - 2008

Determine the closing balance of the cash book?

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?

Given:

(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price

From the information above, the prices used in charging goods to the branches are?

Use the information below to answer question .

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........₦7 800............₦6 600

Total current assets.......₦12 100............₦17800

Total current liabilities..₦4 700............₦3 800

Drawings for 2006 is ₦5 200.

Determine the capital balance as at Dec. 31,2005?

Given:

Capital:..G...........₦5 000

..........T...........₦8 000

Drawings: G...........₦2 000

..........T..........₦1 000

Interest on capital..10%

Interest on Drawings..5%

Find the interest on drawings of G?

Use the information below to answer question .Capital.......₦12 700........Purchases......₦7 100

Debtors.......₦4 000........Stationery.....₦1 900

Sales.........₦2 400........Wages..........₦1 230The owners wishes to maintain an account equal to of capital as drawings.What is the amount withdrawn?

The main purpose of control account is to?

Use the information below to answer questions .Stock of material 1/1..............₦10 000

Purchase of raw material...........₦160 000

Manufacturing wages................₦420 000

Royalties..........................₦3 000

Stock of raw materials 31/12.......₦14 000Calculate the prime cost?

Given:

Subscription in arrears 01/10/06...........₦2 000

Subscription in advance 01/10/06...........₦1 500

Subscription paid during the year..........₦7 000

Subscription in arrears 31/12/06...........₦3 000

Determine the amount of subscription included in the income and expenditure account for the year?

Which of the following is true of Uju Nig.Ltd?

Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

Aug. 6 Received 20 units at ₦68 each

Aug. 10 Issued 16 units

Aug. 20 Received 40 units at ₦80 each

Aug. 31 Issued 48 unitsUsing the simple average method, what is the cost per unit of the closing stock?

A financial analyst needs accounting information to

Give:

1. Ascertainment of the particulars of the proposed company

II. Preparation of the incorporation documents

III. Filling of the documents

IV. Registration of the company

From the information above, the stages involved in the formation of a company are

Use this information below to answer this question.Trading Account (Extract).................N.............................N......

Opening stock...19500........Sales............96 000..

Add purchases...68700.................................

................88200.................................

Less closing stock..?.................................

Cost of goods sold..?.................................

Gross profit C/D....?.................................

....................?..........................?......

The gross profit margin is 20%

Determine the closing stock

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises

(iv) Land (v)Creditors (vi)loan from friends/bank.

What are the current assets?

Given:

Sales.....................₦4000

Light expenses............₦2900

Rent......................₦1500

Purchases.................₦7500

Debtors...................₦6000

Creditors.................₦29000

Drawings..................₦25

Bank......................₦400

General expenses..........₦1500

Calculate the total of trial balance?

Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was

Given:

................Cash Book........................

Capital..........₦6 500........purchases.....₦12 250

Sales............₦30 000........Rent..........₦9 100

................................Motor vehicle.₦2 400

Find the bank balance?

In partnership dissolution, an asset taken over by a partner is debited to?

Use the information below to answer question .

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........₦7 800............₦6 600

Total current assets.......₦12 100............₦17800

Total current liabilities..₦4 700............₦3 800

Drawings for 2006 is ₦5 200.

What is the net profit for 2006?

Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each

Aug. 6 Received 20 units at ₦68 each

Aug. 10 Issued 16 units

Aug. 20 Received 40 units at ₦80 each

Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?

The debit ratio is approximately

Use the information below to answer questions .Stock of material 1/1..............₦10 000

Purchase of raw material...........₦160 000

Manufacturing wages................₦420 000

Royalties..........................₦3 000

Stock of raw materials 31/12.......₦14 000What is the cost of raw materials consumed?

Goods worth ₦300 was transferred from department Q to P Similarly, P's total expenses for the period was ₦200.

What was department Q's gross profit?