JAMB UTME - Principles of Accounts - 2006
Frage 1 Bericht
Use the information below to answer question .
Prime cost..................₦12 100
Lighting....................₦10 000
Heating.....................₦15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
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Frage 2 Bericht
MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500
Annual dues.......................₦112 000How much is the total receipt of the club?
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Frage 3 Bericht
| A.S. Danduzu's Bank Statement | ||||
| Date | Particulars | Debit (₦) | Credit (₦) | Balance (₦) |
| Jan. 1 | Opening balance | 10 000 | ||
| Jan. 3 | Bashir A.K. | 1 000 | 9 000 | |
| Jan. 10 | Usman A.D. | 1 500 | 7 500 | |
| Jan. 12 | Sule A.S. | 500 | 7 000 | |
| Jan. 20 | Aliyu A.K. | 3 000 | 10 000 | |
| Jan. 30 | X | 1 500 | Y | |
X represents
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Frage 4 Bericht
Use the information below to answer question .
Capital.....................N?
Profit and loss.............?3500
Current assets..............N?
Current liabilities.........?2000
Fixed assets................?11000
The company maintains a current ratio of 3:1.
The capital balance is?
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Frage 5 Bericht
Frage 6 Bericht
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Frage 8 Bericht
| Receipts and Payments Account | |||
| ₦ | ₦ | ||
| Balance b/d | ? | Rent and rates | 30 000 |
| Subscriptions received | ? | General expenses | 10 000 |
| Gate-fee collections | 50 000 | Electricity | 20 000 |
| Insurance | 150 000 | ||
| ? | Balance c/d | ? | |
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
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Frage 9 Bericht
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Frage 11 Bericht
Use the information below to answer question .
Capital.....................N?
Profit and loss.............₦3500
Current assets..............N?
Current liabilities.........₦2000
Fixed assets................₦11000
Determine the current assets?
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Frage 12 Bericht
Given:
Subscriptions received.........₦200 000
Subscriptions owed.............₦10 000
Subscriptions in advance.......₦25 000
Calculate the subscription in the income and expenditure account?
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Frage 13 Bericht
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Frage 14 Bericht
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Frage 15 Bericht
Frage 16 Bericht
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Frage 17 Bericht
| Date | Stock | Qty. (units) | Cost/Price (₦) |
| July | Bal. b/d | 2 000 | 2.00 |
| August | Purchases | 10 000 | 2.50 |
| September | Purchases | 20 000 | 3.00 |
| October | Sales | 8 000 | 3.50 |
| November | Sales | 23 000 | 4.00 |
Determine the value of closing stock using the LIFO method
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Frage 18 Bericht
Motor: ₦10 000
Fixtures: ₦5 000
Cash: ₦2 500
Creditors: ₦7 000
Loan: ?
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are ₦20 000,20 000, ₦40 000 AND ₦60 000 respectively if the sales commission paid is ₦12 000, how much is T's share?
Frage 19 Bericht
| Khalifa's Cash Book | |||||||||
| Date | Particulars | Cash ₦ |
Bank ₦ |
Discount ₦ |
Date | Particulars | Cash ₦ |
Bank ₦ |
Discount ₦ |
| 1/1 | Bal. b/d | 4 000 | 5 000 | 1/11 | A. Lisco | 200 | |||
| 1/3 | Khadijah | 3 000 | 1/15 | NEPA bill | 500 | ||||
| 1/10 | Sales | 1 000 | 1 500 | 400 | 1/28 | Purchases | 1 500 | 200 | |
| 1/29 | Sales | 800 | |||||||
What was the bank balance at the end of the month?
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Frage 20 Bericht
Use the information below to answer question .Prime cost..................₦12 100
Lighting....................₦10 000
Heating.....................₦15 000
Factory overhead............?The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
Frage 21 Bericht
Gross earnings........................?950 000
Current liabilities...................?100 000
Operating expenses....................?350 000
10% debentures........................?400 000
Shareholder's fund....................?1300 000
Corporate tax is 30%
From the data above calculate the returns on equity?
Frage 22 Bericht
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Frage 23 Bericht
Use the information below to answer questions
Turnover...........................₦120 000
Net profit before tax..............₦40 000
Net profit b/f.....................₦68 000
Proposed dividends:
Ordinary shares....................₦8 000
Preference shares..................₦6 000
Corporate tax is 30%...............₦10 000
The undistributed profit carried forward is?
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Frage 24 Bericht
Stock 1/1/2002..................................₦40 000
Goods received from head office.................₦800 000
Goods returned to head office...................₦34 000
Sales...........................................₦916000
Stock 31/12/2000................................₦72 000
From the data above determine the cost of goods credited to the head office trading account.
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Frage 25 Bericht
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
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Frage 26 Bericht
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Frage 27 Bericht
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Frage 28 Bericht
Given:
....................January.............December
Assets................₦28,320.............₦25,320
Creditors.............₦5,620..............₦10,320
The proprietor made drawings of ₦755 per month for personal use.
The profit for the period is?
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Frage 29 Bericht
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Frage 30 Bericht
Frage 31 Bericht
| Receipts and Payments Account | |||
| ₦ | ₦ | ||
| Balance b/d | ? | Rent and rates | 30 000 |
| Subscriptions received | ? | General expenses | 10 000 |
| Gate-fee collections | 50 000 | Electricity | 20 000 |
| Insurance | 150 000 | ||
| ? | Balance c/d | ? | |
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
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Frage 32 Bericht
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Frage 33 Bericht
Given:
Stock of raw materials 1/40............₦11 150
Purchases of raw materials.............₦112 550
Raw material returned..................₦31 150
Stock of Raw materials 31/12/04........₦27 150
Calculate the cost of raw materials consumed?
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Frage 34 Bericht
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............₦10,600.....................₦15,175
Cost of goods sold..₦5,247......................₦6704
The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Find the total expenses allocated to the stationary department?
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Frage 35 Bericht
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Frage 36 Bericht
What is the tax charged to profit and loss account?
Frage 37 Bericht
| Khalifa's Cash Book | |||||||||
| Date | Particulars | Cash ₦ |
Bank ₦ |
Discount ₦ |
Date | Particulars | Cash ₦ |
Bank ₦ |
Discount ₦ |
| 1/1 | Bal. b/d | 4 000 | 5 000 | 1/11 | A. Lisco | 200 | |||
| 1/3 | Khadijah | 3 000 | 1/15 | NEPA bill | 500 | ||||
| 1/10 | Sales | 1 000 | 1 500 | 400 | 1/28 | Purchases | 1 500 | 200 | |
| 1/29 | Sales | 800 | |||||||
On Jan. 30 Khalifa withdraw ₦2500 from the bank for office use.
The cash balance at end of the month was
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Frage 38 Bericht
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............₦10,600.....................₦15,175
Cost of goods sold..₦5,247......................₦6704
The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
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Frage 39 Bericht
| A.S. Danduzu's Bank Statement | ||||
| Date | Particulars | Debit (₦) | Credit (₦) | Balance (₦) |
| Jan. 1 | Opening balance | 10 000 | ||
| Jan. 3 | Bashir A.K. | 1 000 | 9 000 | |
| Jan. 10 | Usman A.D. | 1 500 | 7 500 | |
| Jan. 12 | Sule A.S. | 500 | 7 000 | |
| Jan. 20 | Aliyu A.K. | 3 000 | 10 000 | |
| Jan. 30 | X | 1 500 | Y | |
The value of Y is
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Frage 40 Bericht
Use the information below to answer question
Capital.................................₦60 000
Bank....................................₦12 500
General expenses........................₦5 250
Creditors...............................₦17 000
Stock...................................₦98 500
Fixed assets............................₦42 000
Insurance and rates.....................₦18 800
Purchase................................₦63 850
What is the cash balance on the debit side if it is the only item omitted?
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Frage 42 Bericht
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Frage 43 Bericht
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Frage 44 Bericht
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?
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Frage 45 Bericht
On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.
the rate of the yearly depreciation expense would be?
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Frage 46 Bericht
Use the information below to answer question
Capital.................................₦60 000
Bank....................................₦12 500
General expenses........................₦5 250
Creditors...............................₦17 000
Stock...................................₦98 500
Fixed assets............................₦42 000
Insurance and rates.....................₦18 800
Purchase................................₦63 850
Determine the total of the trial balance?
Frage 47 Bericht
Motor: ₦10 000
Fixtures: ₦5 000
Cash: ₦2 500
Creditors: ₦7 000
Loan: ?
LOAN IS 30% OF CREDITORS.
What is the capital balance?
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Frage 48 Bericht
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Frage 49 Bericht
