JAMB Accounts - Principles of Accounts 2007 Past Questions

A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?

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Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?

Given:
Stock at start:
Raw materials................N57 000
Work-in-progress.............N42 000
Finished goods...............N71 000

Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.

Calculate the prime cost?

(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?

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Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.


Determine the closing stock?

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Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.

The value of goods sent to branch is?

Expense paid during the conversion of a partnership to a company are?

In the trading and profit and loss account of a manufacturing organization, purchases is?

Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?

An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?

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A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

What would be the total amount received on second call?

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A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

The total amount of money received on application was?

Given:

Shaku Company Ltd.

Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000

Determine the working capital?

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?

The amount of subscriptions accrued is reported in the balance sheet under?

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Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?

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Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?

The gross profit disclosed in the branch stock adjustment account represents?

Partners' share of profit is credited to?

A pension granted to any past president or vice-president shall be charged to the?

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

Stock valuation is useful because it forms the sales department on the?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

What was the asset value at the beginning of the third year?

Given:

Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250

The drawings for the period stand at?

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........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

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........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

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Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?

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Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

The provision for bad debt is?

The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?

Given:

Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000

The amount to be charged to the profit and loss account is?

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Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200

Find the value of the total assets?

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Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200


What will be the equity of the business?

The process whereby a cheque received by one person is given to another is known as?

Journal proper is used in recording?

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Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?

Calculate the balance in the bank statement.

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Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?

What is the adjusted cash book balance?

The fourth stage of the accounting information system is?

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Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.

How much is sundry expenses?

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Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors

The total of the trial balance is?

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

One of the benefits of book-keeping records is that they?

Given:

Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000

Calculate the total amount on the credit side of the trial balance?

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

Given:

Calculate the surplus income.

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Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.

Determine the opening cash balance of the