JAMB UTME - Principles of Accounts - 2003

Use the information below to answer question Total sales of ticket.......................₦300 000

Amount received from the sales..............₦260 000

Cash purchase of club house.................₦100 000

Credit purchase of equipment ...............₦60 000

Electricity bill paid ......................₦5 000

Salaries owed ..............................₦2 000What is the balance of the income and expenditure account?

Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002.

1500 ordinary shares were fully subscribed for and their monies received as below:On application .........................₦0.40

On allotment ...........................₦0.20

First call (including premium of₦0.50)..₦0.70What is the balance of the ordinary share capital account after the first call was received?

Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

Debit:

Jan. 1, cost ................₦1950 000

Dec.31, Addition ............ ₦400 000

Credit:

Jan. 1, Depreciation ........₦1360 000

June 30, Sales proceeds...... ₦700 000

The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

Use the information to answer this question.

..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank.

Use the information to answer this question...............ZEBRA PLC..............

.............Balance sheet as at 31st March, 2002

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

Capital......100,000...Fixed assets:

Current................Land &..................

Liabilities...........buildings..50,000......

Creditors........30000..Furniture..10,000....60,000

.......................Current..................

.......................Assets: .......

..................Stock .........30,000...........

..................Debtors.......30,000.............

..................Cash..........10,000......70,000..

.............130,000.........................130,000

The business was acquired on 1st April, 2002 at a purchase consideration of ₦120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional ₦20,000 was paid into the bank.Calculate the network of the business

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. ₦10,000 worth of goods was not sold at the end of the accounting period.

How much is the unrealized profit?

During the year ended 31st December 2001,

Nuju Enterprises paid rent as follows:

Jan. 20, ₦24 000 for a period of 4 months.

May. 16, ₦30 000 for a period of 5 months.

Oct. 15, ₦36 000 for a period of 6 months.What is the overpaid portion of the rent?

Use the information below to answer question Goods from head office................₦13,400

Returns to head office ...............₦118

Rates and insurance paid .............₦188

Wages paid ...........................₦913

Cash remitted to head office..........₦16,625

Stock at 1/1/2000.....................₦1,875

Rents paid ...........................₦325

Stock at 31/12/2000 ..................₦1,975

Sundry expenses ......................₦200The profit realized from the trade is?

Use the information to answer this questionDate.............Details........................

Feb........1 Purchased 400 units at ₦1.00 each

,, ........5 Purchased 200 units at ₦2.00 each

,,.........10 Purchased 200 units at ₦300 each

,, .........15 Issued 320 units

,,..........20 Issued 200 units at ₦4,00 each

,,..........25 Issued 120 unitsUsing the periodic simple average method, the cost per unit is

Use the information below to answer questions .Motor Vehicle Account as at 31st December 2001.

Debit:

Jan. 1, cost ................₦1950 000

Dec.31, Addition ............ ₦400 000

Credit:

Jan. 1, Depreciation ........₦1360 000

June 30, Sales proceeds...... ₦700 000

The vehicle sold was purchase on January 1, 1998 at a cost of ₦1,000 000 and had depreciation at 25% on cost.What is the actual profit or loss arising from the vehicle disposed of?

Given:Capital ...........₦1000

Liabilities........₦500

Assets.............₦1500

The accounting equation can be expressed as?

Use the information below to answer this questions Capital..................N............N........

Land and building.......18470........24000....

Mortgage on premises...................11090...

Drawings...............3000...................

Profit and loss........................3600...

Furniture and fittings...5120.................

Motor Vehicles...........3462................

Closing Stock............3000................

Debtors..................11474...............

Creditors..............................7354.

Cash.....................1518................

..........................46044.........46044Calculate the value of fixed assets

A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.

What is N's share of the expense?

Given:

Cost of raw materials issued to production.....?37000

Opening stock of raw material..................?2000

Purchases of raw material......................?3800

Wages .........................................?500

What is the closing stock of raw material?

Use the information below to answer the question:

What is the receipts and payment account balance?

Given:

(i) the consolidation revenue fund balance b/d..₦650 000

(ii) issue from contingency fund amount to......₦240 000

(iii) amount transferred to contingency fund is.₦210 000

What is the consolidation revenue fund balance?

Use the information below to answer question .

Capital ...................₦2000

Bank ......................₦1200

Purchase ..................₦2500

Sales .....................₦6700

Stock .....................₦1300

Creditors .................₦1000

Fixed assets...............₦3700

Drawings ..................N?

Drawings are always estimated at 50% of capital.Compute the amount withdrawn

Use the information to answer this questionDate.............Details........................

Feb........1 Purchased 400 units at ₦1.00 each

,, ........5 Purchased 200 units at ₦2.00 each

,,.........10 Purchased 200 units at ₦300 each

,, .........15 Issued 320 units

,,..........20 Issued 200 units at ₦4,00 each

,,..........25 Issued 120 unitsCalculate the price per unit of closing stock using the periodic weighted average method.

Use the information below to answer question .

...........PQ Manufacturing Company

Raw materials (1/11/2001)...........₦3 500

Raw materials (31/12/2001)..........₦4 900

Purchase of raw materials...........₦56 000

Salary .............................₦63 000

Wages...............................₦148 000

Factory lighting ...................₦3 080

Plant Depreciation..................₦2 800

Factory Insurance ..................₦2 170

The overhead cost is?

Use the information below to answer question Goods from head office................₦13,400

Returns to head office ...............₦118

Rates and insurance paid .............₦188

Wages paid ...........................₦913

Cash remitted to head office..........₦16,625

Stock at 1/1/2000.....................₦1,875

Rents paid ...........................₦325

Stock at 31/12/2000 ..................₦1,975

Sundry expenses ......................₦200What is the total expenses?

What is the capital at start?

The transaction that completes its double entry in the same ledger account appears in?

Given:

(i) Order of performance

(ii) Order of liquidity

(iii)Vertical order

(iv) Horizontal order

The order in which a balance assets is arranged are?

Use the information below to answer question ............PQ Manufacturing CompanyRaw materials (1/11/2001)...........₦3 500

Raw materials (31/12/2001)..........₦4 900

Purchase of raw materials...........₦56 000

Salary .............................₦63 000

Wages...............................₦148 000

Factory lighting ...................₦3 080

Plant Depreciation..................₦2 800

Factory Insurance ..................₦2 170The company consumed raw materials worth?

Use the information below to answer question.Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of ₦19000 from the business tray and banked it.

The credit sales for the period would be?

Given:Total debtors b/d 31/12/99...............₦25 000

Cheques received from debtors ...........₦255 000

Total debtors c/d 31/12/00...............₦15 000Determine the sales figure?

Given:

..............Rich Social Club...........

Cash.........................₦100,000

Loan ........................₦30,000

Subscription in arrears......₦5,000

Subscription in advance......₦15,000

What is the accumulation fund?