JAMB Accounts - Principles of Accounts 2000 Past Questions

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

To write off bad debt, debt?

In order to make the cash book balance equal to the bank statement, it is usual to add?

Use the information below to answer question 4 and 5.

Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500

Calculate the net profit?

what is the gross profit margin?

The main objective of bookkeeping is to record economic?

Which of the following is an example of intangible assets?

A source document that aids the ascertainment of amount paid out of current account is the?

The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?

A general journal contains?

Which of the following errors will affect the trial balance total?

An expenses account is closed by a debit to?

In a manufacturing company, the total cost of goods produced is equivalent to?

Given:
Sales Ledger Control Account (Extracts)

Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890

Determine the sales returns?

The simplest form of single entry procedure consists fo keeping a?

A fixed cost is fixed only in relation to?

One of the advantage of the shortcomings of single entry procedures is that?

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?

Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?

Use the information below to answer questions

Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?

Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

Which of the following items does not feature in the balance sheet of a club?

An outright sale of a partnership amounts to the?

Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800

The club's balance is?

Use the information below to answer question

Maimalari Ltd had (i) Earning per share 47k
(ii) Dividend per share 30k
(iii) Par value of each share N1.20
(iv) Market price per share N1.50

The company's earning yield is?

Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k (ii) Dividend per share 30k (iii) Par value of each share N1.20 (iv) Market price per share N1.50

What will be the price earnings ratio of the company?

The Partnership Deed normally specifies?

The accumulation fund of a non-trading concern can equally be referred to as?

When a purchase business is revalued, the effect is that?

An item of appropriation in partnership profit and loss account is?

Use the information below to answer question

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

The interest on joy's drawing is?

Use the information below to answer question

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

A business is required at par when the?

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720

Determine the receipt from debtors?

Given:

Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900

Determine the total factory overhead cost?

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:

Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000

The subscription transferable to the income and expenditure account is?

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?

The channel through which all government borrowing and domestic lending transactions pass is called?

Recurrent expenditure are expenses for the period not exceeding?

A major benefit derived from the reconciliation of branch and head office books is to?

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

What is the cost of the opening raw materials?

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

The production cost of finished goods is

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account
Balance: Debit 32,000
Credit 61,000
Purchases during the year:
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Given

Dept A Dept B
Floor space 40m² 60m²
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been