JAMB UTME - Principles of Accounts - 2005
Ajụjụ 1 Ripọtì
Given:Liabilities..............₦23,700
Current assets...........₦20,300
Fixed assets.............₦64,500What is the capital introduced by the proprietor?
Akọwa Nkọwa
Ajụjụ 2 Ripọtì
Akọwa Nkọwa
Ajụjụ 3 Ripọtì
Use the information below to answer questionsZazzau Company:Cash in hand................?50
Cash in bank................?1 250
Stock.......................?4 880
Furniture...................?9 60
Building....................?5 500
Debtor......................?1 750
Creditors...................?2 150Drawings of ?125 were made by the shareholders of the company.
The capital of the company stands at?
Akọwa Nkọwa
Ajụjụ 4 Ripọtì
Ajụjụ 6 Ripọtì
Use the information below to answer questions Purchase:..Raw materials.................₦15 000
Finished goods...........................₦11 400
Stock:....(1/7/01)Raw materials..........₦2 250
Work-in-progress.........................₦1 875
Wages:.....Direct........................₦17 100
Indirect.................................₦5 400
Stock:.....(30/06/02)Raw materials.......₦3 000
Work-in-progress.........................₦3 375What is the cost of manufactured goods?
Akọwa Nkọwa
Ajụjụ 7 Ripọtì
Akọwa Nkọwa
Ajụjụ 8 Ripọtì
Use the information below to answer questions Direct labour...................₦50 000
Beginning work-in-progress......₦4 000
Raw materials used..............₦18 000
Indirect labour.................₦4 000
Ending finished goods...........₦16 000
Ending work-in-progress.........₦9 000
Factory supplies used...........₦7 000
Selling expenses................₦25 000
Beginning finished goods........₦21 000
Other factory overheads.........₦19 000What is the cost of goods manufactured?
Akọwa Nkọwa
Ajụjụ 10 Ripọtì
Akọwa Nkọwa
Ajụjụ 11 Ripọtì
Use the information below to answer questions Purchase:..Raw materials.................₦15 000
Finished goods...........................₦11 400
Stock:....(1/7/01)Raw materials..........₦2 250
Work-in-progress.........................₦1 875
Wages:.....Direct........................₦17 100
Indirect.................................₦5 400
Stock:.....(30/06/02)Raw materials.......₦3 000
Work-in-progress.........................₦3 375The cost of raw materials consumed is?
Akọwa Nkọwa
Ajụjụ 12 Ripọtì
Use the information below to answer questions Direct labour...................₦50 000
Beginning work-in-progress......₦4 000
Raw materials used..............₦18 000
Indirect labour.................₦4 000
Ending finished goods...........₦16 000
Ending work-in-progress.........₦9 000
Factory supplies used...........₦7 000
Selling expenses................₦25 000
Beginning finished goods........₦21 000
Other factory overheads.........₦19 000Calculate the prime cost?
Akọwa Nkọwa
Ajụjụ 13 Ripọtì
The quick ratio is
Ajụjụ 14 Ripọtì
Use the information to answer question .
A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for ₦31,500.The net book value of the piece of equipment at the time of sale was?
Akọwa Nkọwa
Ajụjụ 15 Ripọtì
Akọwa Nkọwa
Ajụjụ 16 Ripọtì
Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........₦1000
Debtors..........................................₦20000
Bad debt to be written off.......................₦2000The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
Ajụjụ 18 Ripọtì
Five hundred naria monthly is allowed on an imprest system. The following transactions took place.Period1:
Cash advanced to petty cashier......₦500
Petty cashier paid out: stamp.......₦200
Newspaper...........................₦250Period 2:
Cash to petty cashier...............₦450
Cashier paid for writing materials..₦350How much should the petty cashier receive after period 2?
Akọwa Nkọwa
Ajụjụ 19 Ripọtì
Akọwa Nkọwa
Ajụjụ 21 Ripọtì
Five hundred naria monthly is allowed on an imprest system. The following transactions took place.Period1:
Cash advanced to petty cashier......₦500
Petty cashier paid out: stamp.......₦200
Newspaper...........................₦250Period 2:
Cash to petty cashier...............₦450
Cashier paid for writing materials..₦350What was the balance of cash with the petty cashier ata the end of period 1?
Akọwa Nkọwa
Ajụjụ 22 Ripọtì
The capital employed is
Ajụjụ 23 Ripọtì
Akọwa Nkọwa
Ajụjụ 24 Ripọtì
Use the information below to answer questions Purchase:..Raw materials.................₦15 000
Finished goods...........................₦11 400
Stock:....(1/7/01)Raw materials..........₦2 250
Work-in-progress.........................₦1 875
Wages:.....Direct........................₦17 100
Indirect.................................₦5 400
Stock:.....(30/06/02)Raw materials.......₦3 000
Work-in-progress.........................₦3 375Determine the accumulated fund value?
Akọwa Nkọwa
Ajụjụ 25 Ripọtì
Akọwa Nkọwa
Ajụjụ 26 Ripọtì
Akọwa Nkọwa
Ajụjụ 27 Ripọtì
Akọwa Nkọwa
Ajụjụ 28 Ripọtì
Akọwa Nkọwa
Ajụjụ 29 Ripọtì
Use the information below to answer questions 25 and26.Zazzau Company:Cash in hand................₦50
Cash in bank................₦1 250
Stock.......................₦4 880
Furniture...................₦9 60
Building....................₦5 500
Debtor......................₦1 750
Creditors...................₦2 150Drawings of ₦125 were made by the shareholders of the company.They company's net current assets amount to?
Ajụjụ 30 Ripọtì
Akọwa Nkọwa
Ajụjụ 32 Ripọtì
Given:
Purchases ledger balance..............₦4000
Purchases for the period..............₦50000
Cash refunded by suppliers............₦290
Cheques paid to suppliers..............₦42300
Returns outwards.......................₦2000
Discount received from suppliers.......₦400The balance of the purchases ledger control account is?
Akọwa Nkọwa
Ajụjụ 33 Ripọtì
Akọwa Nkọwa
Ajụjụ 34 Ripọtì
Akọwa Nkọwa
Ajụjụ 36 Ripọtì
Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.
Akọwa Nkọwa
Ajụjụ 37 Ripọtì
Akọwa Nkọwa
Ajụjụ 38 Ripọtì
Given:Rent..............₦10,000
Rates.............₦5,000
Capital...........₦50,000
Salaries..........₦14,000
Cash..............₦26,000
Creditors..........₦5,000The total trial balance is?
Ajụjụ 39 Ripọtì
Yahya,s bank account shows a credit balance of ₦1500,000. He paid ₦1700,000 into the bank.
What is his expected balance?
Akọwa Nkọwa
Ajụjụ 40 Ripọtì
The current ratio is
Akọwa Nkọwa
Ajụjụ 41 Ripọtì
Use the information to answer question .
A piece of equipment costing ₦120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for ₦31,500.The accumulated depreciation provision at the time of sale was?
Akọwa Nkọwa
Ajụjụ 42 Ripọtì
Akọwa Nkọwa
Ajụjụ 43 Ripọtì
Ajụjụ 44 Ripọtì
Akọwa Nkọwa
Ajụjụ 46 Ripọtì
Use the information below to answer questions .subscription.....................₦5420
Canopy rent......................₦400
Wages............................₦1100
Post-ages........................₦300
Loss from bar....................₦160
Purchases of new furniture.......₦120
Premises.........................₦4000
Furniture at the beginning.......₦1120What is the cash balance in the receipts and payments account?
Akọwa Nkọwa
Ajụjụ 47 Ripọtì
Akọwa Nkọwa
Ajụjụ 48 Ripọtì
Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.
Determine the closing stock
Akọwa Nkọwa
Ajụjụ 49 Ripọtì
A company paid cash in redemption of ₦10,000 debenture.
The accounting entry to record this will be to debit?
Akọwa Nkọwa
Ajụjụ 50 Ripọtì
Akọwa Nkọwa
