JAMB UTME - Principles of Accounts - 2005
Swali 1 Ripoti
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?
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Swali 2 Ripoti
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?
Maelezo ya Majibu
Swali 3 Ripoti
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?
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Swali 5 Ripoti
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Swali 7 Ripoti
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Swali 9 Ripoti
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Swali 10 Ripoti
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Swali 11 Ripoti
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?
Maelezo ya Majibu
Swali 12 Ripoti
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?
Maelezo ya Majibu
Swali 14 Ripoti
Maelezo ya Majibu
Swali 15 Ripoti
Given:Rent..............₦10,000
Rates.............₦5,000
Capital...........₦50,000
Salaries..........₦14,000
Cash..............₦26,000
Creditors..........₦5,000The total trial balance is?
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Swali 17 Ripoti
The current ratio is
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Swali 20 Ripoti
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Swali 21 Ripoti
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?
Maelezo ya Majibu
Swali 23 Ripoti
Maelezo ya Majibu
Swali 24 Ripoti
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?
Maelezo ya Majibu
Swali 25 Ripoti
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Swali 26 Ripoti
Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003. Determine the closing stock.
Maelezo ya Majibu
Swali 27 Ripoti
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?
Maelezo ya Majibu
Swali 28 Ripoti
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?
Maelezo ya Majibu
Swali 29 Ripoti
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?
Maelezo ya Majibu
Swali 30 Ripoti
Maelezo ya Majibu
Swali 31 Ripoti
Maelezo ya Majibu
Swali 32 Ripoti
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?
Maelezo ya Majibu
Swali 33 Ripoti
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?
Maelezo ya Majibu
Swali 34 Ripoti
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Swali 35 Ripoti
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Swali 36 Ripoti
A company paid cash in redemption of ₦10,000 debenture.
The accounting entry to record this will be to debit?
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Swali 37 Ripoti
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Swali 38 Ripoti
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Swali 39 Ripoti
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Swali 40 Ripoti
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Swali 41 Ripoti
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Swali 42 Ripoti
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Swali 43 Ripoti
Given:Liabilities..............₦23,700
Current assets...........₦20,300
Fixed assets.............₦64,500What is the capital introduced by the proprietor?
Maelezo ya Majibu
Swali 44 Ripoti
Maelezo ya Majibu
Swali 45 Ripoti
Maelezo ya Majibu
Swali 46 Ripoti
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?
Maelezo ya Majibu
Swali 47 Ripoti
Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st, 2003.
Determine the closing stock
Maelezo ya Majibu
Swali 48 Ripoti
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?
Maelezo ya Majibu
Swali 49 Ripoti
Maelezo ya Majibu
Swali 50 Ripoti
Yahya,s bank account shows a credit balance of ₦1500,000. He paid ₦1700,000 into the bank.
What is his expected balance?
