2000 - JAMB Accounting Past Questions and Answers - page 3

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

What is the cost of the opening raw materials?

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.

The production cost of finished goods is

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

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

Given

Dept A Dept B
Floor space 40m² 60m²
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N 72 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

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

To write off bad debt, debt?