JAMB UTME - Principles of Accounts - 2004

The owner wishes to maintain an amount equal to \( \frac{1}{3} \) of capital as drawings. The amount withdrawn is

Given:

Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month.

Determine the amount of prepaid rates?

Given:

General expenses account.

Paid by cheque..................₦671

Paid by cash....................₦70

Accrued b/f.....................₦65

Accrued c/f.....................₦115Determine how much to be charged to profit and loss account?

The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively.

The collection from customers during the period was ₦70,000. What was the total sale on account?

Use the information below to answer questions 26 and 27.Materials consumed...................₦16,600

Direct cost..........................₦5,400

Factory rent.........................₦2,300

Factory lighting.....................₦1,200Cost of production to be transferred at cost plus 20% mark-up.

The gross profit on manufacture is?

Use the information below to answer questions 17 and 18.Opening balance.............................₦10,640

Purchases...................................₦26,912

Returns inwards.............................₦492

Returns outwards............................₦810

Cash discount received......................₦1,348

Cash discount allowed.......................₦1,560

Cash paid to suppliers......................₦20,808At the year end, the purchases ledger showed a debit balance of ₦108.The total on the debit side of the purchases ledger control account will be?

Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to 22,100. His closing capital was ₦73,800.

Zakari's personal drawings amounted to?

Use the information below to answer questions 39 and 40.Jumoke and Kunle have an original investment of ₦25,000 and ₦15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of ₦1,500 and ₦1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

Miscellaneous expenses of ₦2,500 were incurred with gross profit of ₦6,500 during the financial year.The balance of profit and loss account will be?

Use the information below to answer questions 28 and 29.On January 1,2000, a club's assets and liabilities were as follows:

Club house...................₦8,000

Subscription.................₦300

Cash.........................₦1,000

Wages owed...................₦100The club has 50 members and annual subscription is ₦100 per member.

Subscription received is ₦4,000 and this includes 1999 arrears of ₦200.The accumulated fund is?

Use the information below to answer questions 23 and 24.Beginning inventory............N?

Purchases......................N?

Ending inventory...............₦4,800

Sales..........................₦12,800

Wages..........................₦1,040

Gross profit...................₦5,900The beginning inventory was estimated at 80% of sales.

Determine the amount for the beginning inventory?

What is the value of the authorized share capital?

The owner wishes to maintain an amount equal to \( \frac{1}{3} \) of capital as drawings. The cash book closing balance will be

What is the value of raw materials issued on May 17th based on the LIFO method?

The value of the owner's equity is

Based on the FIFO method of valuation the total cost of the raw materials issued is

What is the net profit made by department S?

The depreciation to be charged to department T is