JAMB Accounting Past Questions & Answers - Page 178

Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect 
(iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

........................1/7/2005............30/6/2006

Drawings.....................................N3,000
Capital.................25 000...............N42,500
Furniture...............6,500...............N10,200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250

The drawings for the period stand at?