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Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases
AN13 500
BN15 500
CN13 400
DN12 000
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Question 3
jamb2003
Credit purchases are always put at 150% of the total cash paid to suppliers
Calculate the closing balance of the ledger account
AN6 900
BN6400
CN5000
DN4000
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Question 4
jamb2003
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
AN4.25
BN3.25
CN2.25
DN1.25
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Question 5
jamb2003
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.
AN3.20
BN3.00
CN2.20
DN2.00
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Question 6
jamb2003
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
AN15 992
BN18 470
CN27 000
DN27 052
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Question 7
jamb2003
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?
AN44 600
BN43 052
CN43 044
DN38 600
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Question 8
jamb2003
What is the consolidated revenue fund balance?
AN1100,000
BN680,000
CN440,000
DN410,000
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Question 9
jamb2003
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
AN120,000
BN90,000
CN80,000
DN30,000
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Question 10
jamb2003
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
AN90,000
BN30,000
CN19,000
DN18,000
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Question 11
jamb2003
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
AN2000
BN1500
CN1250
DN1000
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Question 12
jamb2003
Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:
On application .........................N0.40
On allotment ...........................N0.20
First call (including premium ofN0.50)..N0.70
What is the balance of the ordinary share capital account after the first call was received?
AN300
BN1050
CN1200
D1950
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Question 13
jamb2003
Gross profit in the branch adjustment account is transferred to the branch?
Atrading account
Breceipts and payments account
Cprofit and loss account
Dincome and expenditure account
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Question 14
jamb2003
The amount of each invoiced goods sent to the branch is debited to?
Abranch expense account and credited to branch debtors' accoount
Bbranch stock account account and credited to the goods sent to branch account
Cbranch debtors' account and credited to branch expense account
Dgoods sent to branch expense account
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Question 15
jamb2003
The necessary accounts to be opened on the issue of ordinary share capital are?
Apreference share capital, cash and allotment accounts
Bbank and ordinary share capital accounts
Ccash and ordinary share capital accounts
Dnominal value and ordinary share capital accounts
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Question 16
jamb2003
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?
AN1 875
BN1 817
CN1 626
DN1 426
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Question 17
jamb2003
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?
AN4 069
BN1 817
CN1 440
DN1 328
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Question 18
jamb2003
Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?
AN1, 100 000
BN680 000
CN440 000
DN410 000
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Question 19
jamb2003
For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?
