JAMB UTME - Principles of Accounts - 2000

Halal Limited with three departments has a total of ₦7,200,000 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?

Given:

Opening cash balance ₦20,000

Sales of match tickets ₦15,000

Clearing of pitch ₦1,200

Refreshments ₦3,500

Referees' allowance ₦1,000

Cost of petrol ₦1,120

Donation from local government ₦3,800 The club's balance is?

Use the information below to answer questions Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share.

Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 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 ₦25,000 shares is?

(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?

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 ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

Given:

Cash book item:

Paid to suppliers ₦10,800

Expenses paid ₦6,900

Drawings made ₦900

Balances at start ₦15,750

Balances at end ₦3,870

Drawings from bank to shop ₦1,720Determine the receipt from debtors?

Given:

Sales Ledger Control Account (Extracts)Balance b/f ₦10,600

Total cash payments by debtors ₦32,275

Total credit sales ₦59,193

Discount received ₦9,700

Balance c/f ₦20,751

Discount allowed ₦2,890Determine the sales returns?

Yola Social Club

Statement of Account 1998 financial year

31/12/98:

Subscription in arrears ₦21,000

Subscription in advance ₦12,000

Receipt during 1999: Arrears 1998 ₦21,000

Dues 1999 ₦48,000

Advance 2000 ₦11,000 The subscription transferable to the income and expenditure account 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 ₦1.20

(iv) Market price per share ₦1.50The company's earning yield 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

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

Use the information below to answer question 4 and 5.Sales ₦20,000

Cost sales ₦10,000

Operating expenses ₦2,500

Expenses prepaid included

In operating expenses ₦500Calculate the net profit?

Given:Depreciation of plant and machinery ₦1,600

Factory rent ₦650

Indirect wages ₦695

General indirect expenses ₦726

Lubricants ₦1235

Carriage inwards ₦829

Factory power ₦350

Bank charges ₦612

Carriage outwards ₦2,900Determine the total factory overhead cost?

Given Dept A Dept B

Floor space 40m2 60m2

Machine hours 1200 1400

Turnover ₦36 million ₦64 million

Labour hours 1000 1400

A joint cost of ₦72 million incurred by the two departments was apportioned ₦30 million to A and ₦42 million to B. the basis used for apportionment must have been