JAMB UTME - Principles of Accounts - 2005

Determine the closing stock under LOFO method

A company paid cash in redemption of ₦10,000 debenture.

The accounting entry to record this will be to debit?

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?

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?

Yahya,s bank account shows a credit balance of ₦1500,000. He paid ₦1700,000 into the bank.

What is his expected balance?

The quick ratio is

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?

Calculate the closing stock under FIFO method

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?

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?

Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.

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?

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?

The current ratio is

Given:Liabilities..............₦23,700

Current assets...........₦20,300

Fixed assets.............₦64,500What is the capital introduced by the proprietor?

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?

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?

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?

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?

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?

Given:Rent..............₦10,000

Rates.............₦5,000

Capital...........₦50,000

Salaries..........₦14,000

Cash..............₦26,000

Creditors..........₦5,000The total trial balance is?

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?

Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.

Determine the closing stock

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?

The capital employed is