2003 - JAMB Accounting Past Questions and Answers - page 5

Use the information below to answer question . Capital ...................N2000 Bank ......................N1200 Purchase ..................N2500 Sales .....................N6700 Stock .....................N1300 Creditors .................N1000 Fixed assets...............N3700 Drawings ..................N? Drawings are always estimated at 50% of capital. Compute the amount withdrawn

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. The goodwill on purchase is

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. Calculate the network of the business

What is the consolidated revenue fund balance?

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.........46044 What is the capital employed?

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

Use the information to answer this question Date.............Details........................ Feb........1 Purchased 400 units at N1.00 each ,, ........5 Purchased 200 units at N2.00 each ,,.........10 Purchased 200 units at N300 each ,, .........15 Issued 320 units ,,..........20 Issued 200 units at N4,00 each ,,..........25 Issued 120 units Calculate the price per unit of closing stock using the periodic weighted average method.

Use the information to answer this question Date.............Details........................ Feb........1 Purchased 400 units at N1.00 each ,, ........5 Purchased 200 units at N2.00 each ,,.........10 Purchased 200 units at N300 each ,, .........15 Issued 320 units ,,..........20 Issued 200 units at N4,00 each ,,..........25 Issued 120 units Using the periodic simple average method, the cost per unit is

Credit purchases are always put at 150% of the total cash paid to suppliers

Calculate the closing balance of the ledger account

Credit purchases are always put at 150% of the total cash paid to suppliers

Determine the credit purchases