Accounting Past Questions

Use the information below to answer questions below;

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.

The share premium account would be?

In a partnership account, conversation of non-cash assets into cash is referred to as?

Use the information to answer question below

Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20

If the capital of the partnership is unfixed, what is K's current accounts?

Use the information to answer question below

Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20


Assuming that the partnership maintains a fixed capital, what is P's closing capital?

Given:

Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2

Determine M's share of profit?

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take \(\frac{1}{5}\) as her share,  what is the new profit or loss sharing ratio?

One of the purposes of maintaining the account of a branch at the head office is to?

Use the information to answer questions

.........................     Departments
...........................                      P                Q                R
Sales value...............                           N23,400
Selling expenses..........      1,100         N1,400         N1,280
Administrative expenses...N1,400       N1,000          N1,020
Cost of sales.............      N6,900....    N6,700           N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

Determine the total expenses of department P?

Use the information to answer question below

.........................     Departments
...........................                      P                Q                R
Sales value...............                           N23,400
Selling expenses..........      1,100         N1,400         N1,280
Administrative expenses...N1,400       N1,000          N1,020
Cost of sales.............      N6,900....    N6,700           N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

Given:

Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650

What is the accumulated fund?

Receipt and payments account is a summary of the?

Use the information below to answer questions below

Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000

What is the net profit?

Use the information below to answer questions below

Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000

Determine the gross profit?

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

Which of the following is an item in the debit side of the sales ledger control account?