JAMB UTME - Principles of Accounts - 1998

Determine the year''s purchase from the following information relating to a firm.

Total creditor''s b/f N 7,200

Total cash payment to suppliers N 98,800

Total creditors c/f N 8,400

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

Use the information below to answer question 28 and 29.

Raw materials inventory at the beginning of a period was ₦46,800 and at the close of the period there was a balance of ₦38,600. From the purchases made during the period, defective materials costing ₦9,200 were returned. Cost of materials consumed during the period was ₦448,500.

What was the total purchases made during the period?

Use the information below to answer questions 11 and 12.

The initial imprest as at July Ist was ₦500. Petty cash vouchers with the custodian by July 15th added up to ₦394. An IOU slip received from a co-worker was ₦65 and there was a shortage of ₦5 cash. The co-worker made refund on July 18th just before the imprest was replenished.What was the actual cash in the till as at 15th July?

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records. Total debtors b/f N 5,600

Total cash receipts from debtors

And cash sales N 153,000

Total debtors c/f N 6,800

N

Bank account 59,410

Capital account 50,000

Purchase account 20,000

Rent 2,500

Stationery 90

Typewriter 6,500

Sales 38,000In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

Mini Enterprises Sales Ledger as at 31/12/94

Read:

N

Balance b/f 12750

Total credit sales 28185

Payments by debtors 12112

Discount allowed 638

Sales returns 1500Prepare the sales ledger control account and determine the balance due from debtors.

Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N

Gross invoice price 15,000

Sales tax 900

Purchases discount taken 300

Freight 750

Assembly of machine 500

Installation of machine 800

Assorted spare parts for future use 1200

Turing and adjusting machine 700What is the initial accounting cost of the machine?

Use the information below to answer question 38 and 39.Dan and Baker are in partnership with capital of ₦50,000 and ₦30,000 each. The partnership agreement provides that:(i) profits be shared in the ratio of capital. (ii) Baker be paid a salary of ₦8,000.

(iii) both partners earn interest on capital at 6% p.a.

(iv) both partners pay interest on drawing at 6% p.a.

At the end of the year, Dan drew ₦15,000 while Baker drew ₦14,000 in four installment on 31/3,30/6,30/9 and 31/12. The net profit for the year was ₦48,000. ₦5,000 is to be written off the Goodwill account.What is the interest on the drawing by Baker?

Which of the following indicate that a partnership business is in place?

(i) There is a business

(ii)It is run commonly by partners

(iii)It has profit-making in view

(iv) Partners' liability is limited

A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%.

The company's cost of merchandize available for sale during the period was ₦128,000. The company's ending inventory is?