JAMB UTME - Principles of Accounts - 2009

Use the information to answer questions 40 and 41.

Capital balances b/d:.....P.............₦20,000

..........................K.............₦10,000

Drawings:.................P.............₦2, 000

..........................K.............₦1, 000

Share of profits:.........K.............₦4, 000

..........................K.............₦2, 000

Salary....................P.............₦1, 000

Interest on drawings:.....K.............₦100

..........................K.............₦20

Assuming that the partnership maintains a fixed capital, what is P's closing capital?

Given:Balance as per cash book...................₦20,000

Unpresented cheques........................₦5, 200

Direct credit to the bank..................₦1, 000

Direct debit from the bank.................₦1, 000

Credit in the cash book....................₦500Calculate the balance as bank statement at the end of the year?

Use the information above to answer question 9 and 10.

Period 1:

........Cash to petty cashier.............₦1000

........Petty cashier pays out............₦780

Period 2:

........Petty cashier pays out............₦840

If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

Use the information below to answer questions 20 and 21.Jan. 1 Received 1,000 units at ₦10 each

Jan. 2 Received 2,000 units at ₦12 each

Jan. 3 Issued 1,500 units

Jan. 4 Received 1,000 units at ₦11 each

Jan. 5 Issued 1,000 unitsUsing FIFO method, what is the value of the closing stock?

A company advertised and issued ₦750,000, 12% preference shares of ₦1 each to be issued at ₦1.50 per share. Applications for ₦1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

The share premium account would be?

Given:

Net profit b/d.....................₦10,000

Interest on capital:...M...........₦2, 000

.......................K...........₦1, 000

Partners' on salary....K...........₦800

Interest on drawings...M...........₦500

Profit sharing ratio M and K 3:2

Determine M's share of profit?

Use the information to answer questions 334 and 35.

.........................Departments

...........................P..........Q...........R

Sales value...............N?........₦23,400....N?

Selling expenses..........₦1,100....₦1,400.....₦1,280

Administrative expenses...₦1,400....₦1,000.....₦1,020

Cost of sales.............₦6,900....₦6,700.....₦5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

Given:

Capital...............................₦2375 000

Debtors...............................₦495 000

Motor vehicle.........................₦870 000

Creditors.............................₦245 000

Prepayment............................₦500 000

Bills receivable......................₦505 000

Furniture.............................₦150 000

What is the total debit for the trial balance?

Given:Furniture and fittings..................₦20,000

Equipment...............................₦15,000

Bank overdrafts.........................₦6, 500

Bar creditors...........................₦4,800

Subscription in arrears.................₦4,700

Subscription in advance.................₦650What is the accumulated fund?

If the gross profit margin is 10% what is the value of the cost of goods sold?

Use the information below to answer questions 29 and 30.Work-in-progress 1/1........................₦1,000

Work-in-progress 31/12......................₦2,000

Production cost of goods manufactured.......₦20,000

Sales.......................................₦50,000

Stock of finished goods 1/1.................₦4,000

Stock of finished goods 31/12...............₦5,000

Selling and distribution expenses...........₦2,000

Administrative expenses.....................₦1,000Determine the gross profit?

Use the information below to answer questions 17 and 18.Total current assets..................₦2,000

Total fixed assets....................₦4,000

Current liabilities...................₦1,200

Drawings..............................₦200

Long-term loan........................₦2,000Determine the capital of the business?

If the opening stock is 5% of sales. calculate the purchases

I Space occupied by each department.

Ii Average value of stock held by each department.

Iii Departmental turnover.

Iv Number of articles sold by each department .

From the information above, the two most logical bases for apportioning expenses that are common to departments are?

Use the information to answer the question.

..........................30/9/06.......30/9/07.....

............................N.............N.........

Accrued insurance premium...600...........710.......

Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

Use the information to answer questions 334 and 35.

.........................Departments

...........................P..........Q...........R

Sales value...............N?........₦23,400....N?

Selling expenses..........₦1,100....₦1,400.....₦1,280

Administrative expenses...₦1,400....₦1,000.....₦1,020

Cost of sales.............₦6,900....₦6,700.....₦5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

Use the information to answer below to answer questions 7 and 8.

I Operating machines

Ii Furniture

Iii Fixtures and fitting

Iv Loan from friends

V Creditors

What are the current liabilities?