1997 JAMB UTME Accounts Past Questions

1997

Alabede (NIG) limited issued 50 000 ordinary shares of ₦1 each at a market value of ₦2.50 each. the share premium is?

1997

Share premium can be used to?I. write off discount on shares II. give loans to directors III. pay dividends IV. pay company's formation expenses.

1997

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of ₦9 000. In one accounting period, the business recorded a loss of ₦1 500 (before deduction of Faruk's sal…

1997

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ₦20 000, ₦15 000 and ₦5 000 on which on which they are entitle to interest at 5% per annum. The p…

1997

Emeka Manufacturing Company (Extract) Manufacturing Account.Direct material.....................₦5 000 Direct labour.......................₦4 500 Direct expenses.....................₦3 000 Factory overhead............…

1997

The understatement of closing value of work-in-process would have the effect of?

1997

Which of the following stock valuation methods is suitable under inflationary conditions?

1997

Given:Capital at the beginning...............₦20 000 Drawings...............................₦3 000 Capital................................₦30 000 New capital introduced.................₦8 000What is the profit for the…

1997

The total of the creditors at the beginning of the year was ₦4,600 and at the end of the year ₦5,250. During the year, ₦26,500 was paid to suppliers and ₦130 was received in discounts from these suppliers. The purchases…

1997

Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

1997

In the absence of a sales day book or sales account the credit for sales can be computed from

1997

The principle use of control accounts is to

1997

The process of allocating the cost of an intangible assets over its useful life is known as

1997

The records of wages due but not yet paid is an example of an adjustment for

1997

Given: capital ₦13,000; office machinery, ₦9,000; creditors ₦900, stock of goods ₦1,550; debtors, ₦275; cash at bank, ₦5,075 and loan from Jumbo, ₦2,000. What is the balance sheet total?

1997

Given:Net profit-----------------------₦25,000 Cost of sale---------------------₦25,000 Sales----------------------------₦85,000Determine the total expenses.

1997

At the end of a financial period, the trading profit and loss account of a company showed a profit of ₦120,000. It was however discovered that revenue of ₦12,000 was recorded as expenses while expenses of ₦4,000 had been…

1997

The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

1997

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is?

1997

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?

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1997 JAMB UTME Accounts Past Questions

Alabede (NIG) limited issued 50 000 ordinary shares of ₦1 each at a market value of ₦2.50 each. the share premium is?

Share premium can be used to?I. write off discount on shares II. give loans to directors III. pay dividends IV. pay company's formation expenses.

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of ₦9 000. In one accounting period, the business recorded a loss of ₦1 500 (before deduction of Faruk's sal…

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ₦20 000, ₦15 000 and ₦5 000 on which on which they are entitle to interest at 5% per annum. The p…

Emeka Manufacturing Company (Extract) Manufacturing Account.Direct material.....................₦5 000 Direct labour.......................₦4 500 Direct expenses.....................₦3 000 Factory overhead............…

The understatement of closing value of work-in-process would have the effect of?

Which of the following stock valuation methods is suitable under inflationary conditions?

Given:Capital at the beginning...............₦20 000 Drawings...............................₦3 000 Capital................................₦30 000 New capital introduced.................₦8 000What is the profit for the…

The total of the creditors at the beginning of the year was ₦4,600 and at the end of the year ₦5,250. During the year, ₦26,500 was paid to suppliers and ₦130 was received in discounts from these suppliers. The purchases…

Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?

In the absence of a sales day book or sales account the credit for sales can be computed from

The principle use of control accounts is to

The process of allocating the cost of an intangible assets over its useful life is known as

The records of wages due but not yet paid is an example of an adjustment for

Given: capital ₦13,000; office machinery, ₦9,000; creditors ₦900, stock of goods ₦1,550; debtors, ₦275; cash at bank, ₦5,075 and loan from Jumbo, ₦2,000. What is the balance sheet total?

Given:Net profit-----------------------₦25,000 Cost of sale---------------------₦25,000 Sales----------------------------₦85,000Determine the total expenses.

At the end of a financial period, the trading profit and loss account of a company showed a profit of ₦120,000. It was however discovered that revenue of ₦12,000 was recorded as expenses while expenses of ₦4,000 had been…

The receipt of cash from a customer who bought goods with ₦800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

On the 30/5/93 Tolu &amp; Co. paid 2 years rent of ₦50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is?

On the 30/5/93 Tolu &amp; Co. paid 2 years rent of ₦50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is?

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?