2002 - JAMB Accounting Past Questions and Answers - page 1

Given:
Stock (1/4/94) N800

Purchases of flour N2450

Sales N4745

Wages of bakery staff N675

Carriage outwards N50

Salary of administrative staff N225

Stock (31/3/95) N940

Capital N1540
Determine the cost of goods sold?

In preparing the final accounts, the bad debt account is closed by a transfer to the?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

An entry in a subsidiary book which does not form part of the double entry system is a?

In an incomplete record, the preparation of the bank reconciliation ensures that?

In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265

How much was received to maintain the imprest at the ends of the month?

(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.

Capital N74480

Creditors N15875

Prepaid expenses N580

Motor vehicles N34750

Furniture N35850

Accrued expenses N645

Stock N8100

Cash balances N9911

Debtors N1809
Compute the value of current assets?

Use the information below to answer questions

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The value of capital invested by the owners is?

Use the information below to answer questions 9 and 10.

The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.

Creditors N50,000

Debtors N46,000

Loan N100,000

Stock N20,000

Motor vehicle N120,000

Building N70,000

Accrued wages 30,000

Bank N25 ,000

The liabilities of Udo Co. Ltd is?