2019 - JAMB Accounting Past Questions and Answers - page 3
Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts
I only
II and III
I and III only
IV only
The table will not have provision for bad debts and trade discount allowed
Use the following Information to answer this question.
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
Cost of raw materials consumed is
₦53,000
₦150,000
₦152,120
₦148,120
| Item | ₦ | ₦ |
Opening stock of raw materials:
|
145,600 7000 |
32,160 |
Closing stock |
184,760 29,640 |
|
| Cost of Raw materials | 155,120 |
Use the following Information to answer this question.
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
220,480
213,480
200,480
190,000
|
Costs
|
₦ 152,600 |
| Total | 220,480 |
A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as
Estimate
Depreciation
Asset
Useful Life
Depreciation is the gradual decrease in the economic value of the capital stock of a firm, nation or other entity, either through physical depreciation, obsolescence or changes in the demand for the services of the capital in question. Wikipedia
The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?
6000
1000
1500
2500
depreciation charged per annum =
= cost - estimated value
years of useful life
= 10,000 - 4000 = 1500
4
Use the question to answer this question
The following information were extracted from the books of Miliki state
Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds |
₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 |
Recurrent expenditure is
₦345,000
₦3,245,000
₦421,000
₦4,245,000
| Recurrent expenditure | ₦ |
|
300,000 45,000 76,000 |
| SUM | 421,000 |
Use the question to answer this question
The following information were extracted from the books of Miliki state
Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds |
₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 |
Capital expenditure is
₦345,000
₦3,245,000
₦421,000
₦4,245,000
| Capital Expenditure | ₦ |
|
2,900,000 920,000 425,000 |
| Sum Total | 4,245,000 |
Goods can be charged to branches using any of these pricing methods except
cost price
cost plus percentage
selling price
selling plus percentage
The 3 pricing methods used in charging goods to branches are:
- cost price
- cost plus a percentage
- selling price.
Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?
20,580
10,290
7980
30,870
Given that the goods sent to branch = ₦30,870, let's convert mark-up to margin
| 50
100 |
= | 1
2 |
= | 1
2 + 1 |
= | 1
3 |
| Profit | = | 1
3 |
× | 30,870 |
= ₦10,290
Hence, profit = ₦10,290
Use the question to answer this question:
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
The cost of goods for department B is
4,120
3400
3000
2800
Amount of goods sold for department B
opening stock + purchases - closing stock
800 + 2000
= 2,800