J accounting 19

Mr Ojo gives you the following information on 31st July 2017
Opening Stock         7,000
Closing Stock         12,000
Purchases         60,000
Expenses         4,500
Uniform margin of 33\dfrac{1}{3}\%
You are required to calculate the sales

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Year              ₦
1991              14,000
1992              24,000
1993              10,000
1994              16,000
It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

Shares that are offered to existing shareholders at a price is called

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120.

Using the diminishing balance method, what is the amount of depreciation for second year?

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The following information were extracted from the books of Miliki state

Recurrent expenditure is

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit

Accounts can be classified into

Retained profits is an example of

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Expenses are to be shared in the ratio of sales. What was the cost of goods sold?

In the preparation of account, the owners of the business and the business concerned are
treated as:

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Expenses are to be shared in the ratio of sales. The cost of goods for department B is

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each

Goods can be charged to branches using any of these pricing methods except

Which of the following cannot depreciate?

The purpose of profit and loss account is to ascertain

Discount received is apportioned to each department on the basis of

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

In the absence of partnership agreement, a loan by a partner attracts interest at

A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque.

The profit and loss in joint venture with B account in the ledger of A.

Transactions are recorded or posted to the ledger in line with

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The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

What is the Gross Profit on percentage of sale?

Given:

What is the capital?

Use the information below to answer this question. Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively. Extract from their books for the year ended are Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950 Ojo's share of profit is

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The following information were extracted from the books of Miliki state

Capital expenditure is

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts

The importance of bank statement is all except

If only wages is shown on the trial balance, it should be charged to the

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

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What was the gross profit?

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Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000. The Unissued capital of the company is

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Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000. The company's paid-up capital is

One of these is not a similarity between Joint Venture and Partnership.

One of the objective of maintaining the account of a branch at the head office is to

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Expenses are to be shared in the ratio of sales.

The net profit for departmental A is

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Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?

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