2007 - JAMB Accounting Past Questions and Answers - page 3

A pension granted to any past president or vice-president shall be charged to the?

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

Stock valuation is useful because it forms the sales department on the?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

What was the asset value at the beginning of the third year?

Given:

Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250

The drawings for the period stand at?

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........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

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........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

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Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?