JAMB UTME - Principles of Accounts - 2013

July 1 - Started business with #10,500

July 31- Paid Agromachinex #6,000 owing

themThe double entry for July 31 would be

1. Direct materials

11.Direct labour

111.Direct expenses

1V. Factory expensesPrime cost consist of

1. The amount of the imprest is the same from one organization to another

11.At the end of a fixed period, the petty cashier received a fixed sum of money.

111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

Given:

Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;

On application 46k

On allotment 20k

1st Call 15k

2nd Call 19kHow much is to be paid for application?

Given:Assets and Liabilities of a Local Government

Bank balance #6,484,000

Cash ₦900,000

General revenue balances #9,774,500

Accrued salaries #1,220,000

Investment in shares #1,480,000

Vehicles #7,620,000Calculate the liabilities of the local government

Opening stock of raw materials - #75,000

Purchase of raw materials - #330,000

Closing stock of raw materials - #80,000

Direct wages - #30,000

Carriages of raw materials - #10,000

Calculate the cost of raw materials used

Sales - #232,000

Opening stock - ₦28,000

Purchases - #128,000

Carriage inwards - ₦4,000

Carriage outwards - ₦6,000

Closing stock - ₦10,000

Discount received - ₦18,000

Expenses - ₦20,000Calculate the expenses debited to the profit and loss account

Given:Drawings - #3,500

Net loss - #2,500

Capital 1/1/2007 - #35,000

Additional capital - #10,000The adjusted capital as at 31/1/2007 is

1/1/2010 31/12/2010

Creditors - #9,000 #9,800

Rent owing - #3,800 #2,500

Rates prepaid - #2,000 #3,500

Motor van - #8,000 #8,000

Premises - #10,000 #10,500Calculate the closing capital

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500

Find the opening capital

Purchase of raw materials - #330,000

Closing stock of raw materials - #80,000

Direct wages - #30,000

Carriages of raw materials - #10,000Determine the prime cost

Sales - #232,000

Opening stock - ₦28,000

Purchases - #128,000

Carriage inwards - ₦4,000

Carriage outwards - ₦6,000

Closing stock - ₦10,000

Discount received - ₦18,000

Expenses - ₦20,000Calculate the gross profit

Department K Y

Opening stock #2,500 #800

Purchases #120,000 #100,000

Sales #180,000 #200,000

Salaries #8,000 #30,000

Closing stock #3,000 #1,500

Rate expenses of #1,500 are apportioned in the ratio 1:2.What is he net profit of Y?

Given:Opening capital - #1,500

Capital introduced - ₦500

Profit for the year - ₦800

Cash drawings - ₦250Calculate the closing capital

July 1 - Started business with #10,500

July 31- Paid Agromachinex #6,000 owing

themThe double entry for July 1 would be

Given:Opening capital - #50,000

Closing capital - #64,000

Drawings - #16,000Determine the net profit

Accounting information seeks to provide