JAMB UTME - Principles of Accounts - 2020
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Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?
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Swali 2 Ripoti
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.
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Calls in advance are treated in the balance sheet as_______
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Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
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On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?
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The formula for calculating depreciation using straight line method is
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..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.
The goodwill on purchase is
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If you have a specific market value for each unit of goods produced and you know the total number of units produced, you can calculate the total market value by multiplying the market value per unit by the total number of units.
Let's assume the market value per unit is N30.60 and the total number of units produced is 1,000.
Market value = Market value per unit × Total number of units Market value = N30.60/unit × 1,000 units Market value = N30,600
And so, the correct answer would be option B. N30,600.
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The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:
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I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
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