JAMB UTME - Principles of Accounts - 2002

Miscellaneous expense is 10% of revenue.

Calculate the net income.

Use the information below to answer this question 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 ......200The value of closing stock as at February 14th by simple average method is

(i)Orientation (ii) Entity (iii)Legal status

(iv)Finance.

Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

(i) Fixtures account (ii) Machinery account

(iii) Wages accounts (iv) Rent account.

Which of the above are nominal account?

Given:Sales ............................₦195,200

Stock 1st January.................₦34,000

Purchases ........................₦126,000

Sales returns ....................₦1,200

Purchases returns ................₦2,000

If the gross profit is ₦66,000, what is the value of stock at 31st December?

Given:

Stock (1/4/94) ₦800Purchases of flour ₦2450Sales ₦4745Wages of bakery staff ₦675Carriage outwards ₦50Salary of administrative staff ₦225Stock (31/3/95) ₦940Capital ₦1540

Determine the cost of goods sold?

Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of ₦60,000 is distributed on the basis of direct labour hours.

Compute the overhead rate?

Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.Stock at branch 1st January at cost............₦400

Goods sent to branch at cost...................₦8000

Returns to head ...............................₦340

Cash sales ....................................₦9160

Stock at branch 31st December at cost..........₦720What is the gross profit carried to the profit and loss account?

Use the information below to answer this question 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 ......200The closing stock on March 11th by LIFO valuation is

Stock or raw materials(1st January) 3000

Direct wages 2500

Direct expenses 1000

Factory overheads 2000

Cost of raw materials used 5500

Stock of finished goods (31st December) 2000

The cost of goods manufactured is?

In a petty cash book the imprest is ₦1380.

Expenses:

Stationery ₦350

Cleaning material ₦335

General expenses ₦265How much was received to maintain the imprest at the ends of the month?

The working capital of the club is

Given:Cash purchases ..............................₦25000

Trading creditors............................₦45000

Opening balance of trade creditors...........₦35000Calculate the purchases for the period?

Calculate the cost of goods credited to the head office trading account?

Given:

Balance at 31st December ............₦14,744mTreasury Bills issued Jan-Dec........₦7124mRevenue for the year ................₦6387mExpenditure .........................₦8767m

What is the opening balance on the consolidated revenue fund account?

Use the information below to answer this question 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 ₦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

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

Compute the subscriptions received.

Given:Capital at start.......................₦3250Capital at close ......................₦6250Additional capital during the period...₦1000

Calculate the profit or loss?

In a petty cash book the imprest is ₦1380.

Expenses:

Stationery ₦350

Cleaning material ₦335

General expenses ₦265How much was received to maintain the imprest at the ends of the month?

Use the information below to answer the question that follows:

Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

What is the gross profit carried to the profit and loss account?

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.Capital ₦74480Creditors ₦15875Prepaid expenses ₦580Motor vehicles ₦34750Furniture ₦35850Accrued expenses ₦645Stock ₦8100Cash balances ₦9911Debtors ₦1809

Compute the value of current assets?

Use the information below to answer the question that follows:

The provision for bad debt is?

Use the information below to answer question .Statement of assets and liabilities as at 31st December, 2001.Shareholders' interest ₦240 Current liabilities ₦20 Current assets ₦110Fixed assets ₦140

What is the networking capital?

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?