JAMB Accounting Past Questions & Answers - Page 97

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Compute the amount withdrawn

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

Compute the subscriptions received.

 

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

What is the closing cash balance?

Miscellaneous expense is 10% of revenue Calculate the net income.

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

Determine the club's excess of income over expenditure