JAMB Past Questions and Answers - Page 1357

Yola Social Club 
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999: 

Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000 

The subscription transferable to the income and expenditure account is

Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900

Determine the total factory overhead cost.

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720

Determine the receipt from debtors.

A business is required at par when the

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?