1998 - JAMB Accounting Past Questions and Answers - page 2

Use the information below to answer questions 11 and 12. The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished. What was the actual cash in the till as at 15th July?

The amount required to replenish the payments made from the imprest was?

State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura's books, appears on the bank reconciliation as?

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N Gross invoice price 15,000 Sales tax 900 Purchases discount taken 300 Freight 750 Assembly of machine 500 Installation of machine 800 Assorted spare parts for future use 1200 Turing and adjusting machine 700 What is the initial accounting cost of the machine?

A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%. The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?

On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?

The balance on a purchase ledger control account represents the?

A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?

Mini Enterprises Sales Ledger as at 31/12/94 read: N Balance b/f 12750 Total credit sales 28185 Payments by debtors 12112 Discount allowed 638 Sales returns 1500 Prepare the sales ledger control account and determine the balance due from debtors.