JAMB Accounting Past Questions & Answers - Page 101

Given:

Authorized Capital: N100,000 ordinary shares of N1 each
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each 
Reserves 10,000
Creditors 25,000
Debtors 13,000
Cash in hand 5000

Determine the net current assets

Given: 31/12/98 31/12/99

Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

What is the capital from the opening balance sheet?

Given

Dept A Dept B
Floor space 40meter square 60meter square 
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account 
Balance: Debit 32,000
Credit 61,000
Purchases during the year: 
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is