JAMB UTME - Principles of Accounts - 2006

Given:

....................January.............December

Assets................₦28,320.............₦25,320

Creditors.............₦5,620..............₦10,320

The proprietor made drawings of ₦755 per month for personal use.

The profit for the period is?

On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.

the rate of the yearly depreciation expense would be?

On Jan. 30 Khalifa withdraw ₦2500 from the bank for office use.

The cash balance at end of the month was

Use the information below to answer questions

Turnover...........................₦120 000

Net profit before tax..............₦40 000

Net profit b/f.....................₦68 000

Proposed dividends:

Ordinary shares....................₦8 000

Preference shares..................₦6 000

Corporate tax is 30%...............₦10 000

The undistributed profit carried forward is?

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500

Annual dues.......................₦112 000How much is the total receipt of the club?

Gross earnings........................?950 000

Current liabilities...................?100 000

Operating expenses....................?350 000

10% debentures........................?400 000

Shareholder's fund....................?1300 000

Corporate tax is 30%

From the data above calculate the returns on equity?

Motor: ₦10 000
Fixtures: ₦5 000
Cash: ₦2 500
Creditors: ₦7 000
Loan: ?

LOAN IS 30% OF CREDITORS.

A company has departments S,T and U. The sales are ₦20 000,20 000, ₦40 000 AND ₦60 000 respectively if the sales commission paid is ₦12 000, how much is T's share?

Use the information below were to answer questions

...................Stationary Dept.............Video Dept.

Sales ..............₦10,600.....................₦15,175

Cost of goods sold..₦5,247......................₦6704

The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

The basis of cost apportionment is 1/2 stationary 1/3 video.

Determine the net profit of the business?

Given:

Stock of raw materials 1/40............₦11 150

Purchases of raw materials.............₦112 550

Raw material returned..................₦31 150

Stock of Raw materials 31/12/04........₦27 150

Calculate the cost of raw materials consumed?

X represents

Use the information below to answer question .

Capital.....................N?

Profit and loss.............₦3500

Current assets..............N?

Current liabilities.........₦2000

Fixed assets................₦11000

Determine the current assets?

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

Stock 1/1/2002..................................₦40 000

Goods received from head office.................₦800 000

Goods returned to head office...................₦34 000

Sales...........................................₦916000

Stock 31/12/2000................................₦72 000

From the data above determine the cost of goods credited to the head office trading account.

What is the tax charged to profit and loss account?

Given:

Subscriptions received.........₦200 000

Subscriptions owed.............₦10 000

Subscriptions in advance.......₦25 000

Calculate the subscription in the income and expenditure account?

Use the information below to answer question

Capital.................................₦60 000

Bank....................................₦12 500

General expenses........................₦5 250

Creditors...............................₦17 000

Stock...................................₦98 500

Fixed assets............................₦42 000

Insurance and rates.....................₦18 800

Purchase................................₦63 850

Determine the total of the trial balance?

Use the information below to answer question .

Prime cost..................₦12 100

Lighting....................₦10 000

Heating.....................₦15 000

Factory overhead............?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

The factory overhead is?

Use the information below to answer question .Prime cost..................₦12 100

Lighting....................₦10 000

Heating.....................₦15 000

Factory overhead............?The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

Interest on the drawings of partners is treated in the?

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.

This concept is called?

Determine the value of closing stock using the LIFO method

Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?

Use the information below to answer question .

Capital.....................N?

Profit and loss.............?3500

Current assets..............N?

Current liabilities.........?2000

Fixed assets................?11000

The company maintains a current ratio of 3:1.

The capital balance is?

Use the information below were to answer questions

...................Stationary Dept.............Video Dept.

Sales ..............₦10,600.....................₦15,175

Cost of goods sold..₦5,247......................₦6704

The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900.

The basis of cost apportionment is 1/2 stationary 1/3 video.

Find the total expenses allocated to the stationary department?

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

The subscriptions received would be

Use the information below to answer question

Capital.................................₦60 000

Bank....................................₦12 500

General expenses........................₦5 250

Creditors...............................₦17 000

Stock...................................₦98 500

Fixed assets............................₦42 000

Insurance and rates.....................₦18 800

Purchase................................₦63 850

What is the cash balance on the debit side if it is the only item omitted?

Motor: ₦10 000
Fixtures: ₦5 000
Cash: ₦2 500
Creditors: ₦7 000
Loan: ?

LOAN IS 30% OF CREDITORS.

What is the capital balance?

What was the bank balance at the end of the month?

The value of Y is