JAMB UTME - Principles of Accounts - 1995

Accumulated depreciation on the asset as at 31/12/81 was

Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu's salary of ₦3,000 was made.

Halidu's share of the profit is

I. A retailer when fixing his selling price adds one-quarter to the cost of the article

II. The expenses of the retailer is 10% of his sales

III. The total sales is ₦23,000

IV. he turned over his stock five times in the year.

The net profit for the year is

What are the advantages of an imprest petty cash book?

I cheques can be drawn easily

II A cheque on the use of cash

III Liability of the petty cashier is limited to the value of petty cash

IV Loses through the petty cashier can be minimized

The following represent extracts from the trading account of a retail outlet for a given month:

Opening stock ₦2,400

Closing stock ₦6,400

Other expenses ₦2,000

Sales ₦11,000

Profit ₦900

What is the purchase figure for the month?

Interest on a partner's drawings is debited to the

Eko Local Government expenditure

Hospital building ---------------------- ₦200,000

Drugs ---------------------------------- ₦180,000

Hospital beds and mattresses ------------ ₦40,000

Doctors' and nurses' salaries ---------- ₦120,000

Administrative expenses ----------------- ₦50,000

Recurrent expenditure is

Given:

Prime cost ₦220,000

Factory cost ₦32,000

Work in progress at beginning ₦25,000

Work in progress at close ₦19,000

Administrative expenses ₦21,000

Determine the production cost

Which of the following are sources of revenue to state government in Nigeria?

I Statutory allocation

II Fines from customary courts

III Petroleum tax

IV Income tax

Equity shareholders' fund is

A charitable club has the following figures:

N

Subscriptions received in 1991 2 800

Subscriptions unpaid in 1990 300

Subscriptions paid for 1992 150

Subscriptions due 1991 180

How much should be charged to the income and expenditure of this club as subscription for 1991?

I. A retailer when fixing his selling price adds one-quarter to the cost of the article

II. The expenses of the retailer is 10% of his sales

III. The total sales is ₦23,000

IV. he turned over his stock five times in the year.

Compute the average amount of stock in hand at cost price

Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu's salary of ₦3,000 was made.

Hamed's share of the profit should be

What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with

If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?