JAMB UTME - Principles of Accounts - 2018

Use the information below to answer the question:

Trading account for the year ended 31st December 2009

Calculate the cost of goods sold

Use the information below to answer the question.

Goods worth ₦300 was transferred from department Q to P. Similarly, P’s total expenses for the period was ₦200.

Department P’s net profit was

which of the following  affects the accuracy and authenticity of trial balance? 

Using the following:

Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.

What is the adjusted cashbook balance?

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

Use the information below to answer the question.

Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

Subscription received during the year N30,000. Subscription owed last year  N4,000. subscription received for next year N6,000. 

Use the details above to answer the following question.

The N6,000 subscription received is?

The yearly depreciation using the straight line method would be

Use the information below to answer the question

If at 31/1/95 the following information was ascertained;

(i) rent for shop ₦12,000 paid for the year

(ii) Total purchases ₦15,000

(iii) Total sales ₦8,200

(iv) Stock of goods left ₦10,000

(v) paid sales boy ₦500

If at 31/1/95 the following information was ascertained;

(i) rent for shop ₦12,000 paid for the year

(ii) Total purchases ₦15,000

(iii) Total sales ₦8,200

(iv) Stock of goods left ₦10,000

(v) paid sales boy ₦500

Use the information above to answer the following question. 

What is the gross profit margin?

Use the information above to answer the following question;

Calculate the sales ledger balance.

Use the information above to answer the question:

The acid test ratio in the company is ___________