JAMB UTME - Principles of Accounts - 2010

Credit sales is given at 160% of cash received.

What is the balance c/d?

How much selling and distribution expenses is apportioned to department M?

Three Column Cash Book (Extract)

Calculate the cash balance after the discount

Three Column Cash Book (Extract)

If Fatima was granted a discount of 2% what will be discount allowed?

Use the information below to answer questions 16 and 17.Sundry debtor..................₦20,000

Provision for bad debts........₦500Provision for bad debt at 4% of sundry debtors.Determine the provision for bad debts to profit and loss account?

How much rent is apportioned to department K?

Given:₦6 000 10% preference shares of ₦0.50 each

₦6 000 ordinary shares of ₦1 each

Capital reserves ₦2 700 000

Long-term liabilities ₦4 000 000Find the value of authorized share capital?

In the not-for-profit-making organization, the excess of income over expenditure is

Use the information below to answer question 14 and 15.Sales....................................₦10,900

Stock 1/1................................₦1, 000

Stock 31/12..............................₦2, 000

Purchases................................₦4, 000

Returns outwards.........................₦800

Returns inwards..........................₦600

Carriage outwards........................₦300

Carriage inwards.........................₦200Find the gross profit.

Calculate the value of credit sales

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000.

A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

Use the information below to answer questions 25 and 26.

........................31/12/08...........31/12/09

Furniture and fittings..?21 000,............?28 000

Office equipment........?9 800,.............?13 200

Debtors.................?6 800,.............?5 200

Creditors...............?4 900,.............?5 100

Cash at bank............?7 000,.............?4 600

Accrued electricity bills...................?1 200

Monthly drawings average ?330.

Find the opening capital?

Use the information below to answer questions 23 and 24.

............................31/12/07.......31/12/08

Stocks........................₦4 200.........₦3 900

Rates in advance..............₦1 000.........₦1 500

Accrued wages.................₦1 150.........₦1 350

Cost of goods sold was valued at ₦6 000.

Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively.

What is the value of purchases for the year 2008?