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Question 1 Report
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter X represents
Question 2 Report
Question 3 Report
Question 4 Report
Use of following information to answer questions below
| D | |
| Motor vehicle | 500000 |
| Stock | 35000 |
| Debtors | 18000 |
| Cash | 12850 |
| Bank overdraft | 280000 |
| Creditors | 21500 |
The total current liability is
Question 5 Report
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| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials consumed is
Question 6 Report
Answer Details
Question 7 Report
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| $ | |
| Cash book balance (credit) | 750 |
| Uncredited cheques | 500 |
| Unpresented cheques | 1680 |
| Direct credit | 300 |
| Bank charges | 150 |
Balance as per bank statement is
Question 8 Report
Use the following information to answer questions below
| $ | |
| Cash book balance (credit) | 750 |
| Uncredited cheques | 500 |
| Unpresented cheques | 1680 |
| Direct credit | 300 |
| Bank charges | 150 |
The adjusted cash book balance is
Question 9 Report
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| GH⊄ | |
| Sales | 200000 |
| Purchase | 170000 |
| Opening stock | 40000 |
| Closing stock | 50000 |
Stock turnover ratio is
Question 10 Report
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The accumulated depreciation as at the date of disposal was
From 2018 to 2021 (accounting year) is three (3) years
| D | |
| Cost | 1200000 |
| Year 1 ( 10% x 1200000) | 120000 |
| 1080000 | |
| Year 2 ( 10% x 1080000) | 108000 |
| 972000 | |
| Year 3 ( 10% x 972000) | 97200 |
| Depreciation | 874800 |
Accumulated depreciation = 1,200,000 - 874,800
= 325,200
Question 11 Report
Question 12 Report
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Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The gross profit is
Question 13 Report
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Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount posted to the personal ledger was
Question 14 Report
The user of accounting information who is responsible for overall performance of the business is the
Question 15 Report
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials available for production is
Question 16 Report
Question 17 Report
Question 18 Report
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| D | |
| Motor vehicle | 500000 |
| Stock | 35000 |
| Debtors | 18000 |
| Cash | 12850 |
| Bank overdraft | 280000 |
| Creditors | 21500 |
The capital is
Question 19 Report
Question 20 Report
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Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Teteh's share of profit is
Question 21 Report
Use of following information to answer questions below
| D | |
| Motor vehicle | 500000 |
| Stock | 35000 |
| Debtors | 18000 |
| Cash | 12850 |
| Bank overdraft | 280000 |
| Creditors | 21500 |
The total current asset is
Question 22 Report
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter Y represents
Question 23 Report
Question 24 Report
Question 25 Report
Question 26 Report
Use the following information to answer questions below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The GH⊄ 4,000 on the credit side is
Question 27 Report
Use the following information to answer questions below
Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount spent on stationery was
Question 28 Report
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| GH⊄ | |
| Sales | 200000 |
| Purchase | 170000 |
| Opening stock | 40000 |
| Closing stock | 50000 |
The gross profit percentage is
Question 29 Report
Question 30 Report
Question 31 Report
Question 32 Report
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Kukuma's current account balance is
Question 33 Report
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The net book value of the machine in the balance sheet as at 31st December 2020 was
Question 34 Report
Question 35 Report
Question 36 Report
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The profit or loss on disposal of the machine was
From 2018 to 2021( accounting year) is three (3) years
| D | |
| Cost | 1200000 |
| Year 1 ( 10% x 1200000) | 120000 |
| 1080000 | |
| Year 2 ( 10% x 1080000) | 108000 |
| 972000 | |
| Year 3 ( 10% x 972000) | 97200 |
| Depreciation | 874800 |
Question 37 Report
Question 38 Report
Question 39 Report
Question 40 Report
Question 41 Report
Question 42 Report
Question 43 Report
Question 44 Report
Question 45 Report
Question 46 Report
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Teteh's share of interest on capital is
Question 47 Report
Question 48 Report
Question 49 Report
Use the following information to answer questions below
Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount reimbursed at the end of the month was
Question 50 Report
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Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The cost of goods sold is
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