JAMB Accounting Past Questions & Answers - Page 89

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

What is the amount to be written off as other expenses?

The working capital of the club is

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q's share of discount allowed?

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000.....?...........
Discounts allowed..2000...........?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P's share of discount received is

 

The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500......250


Current account balance of Kaka at the end of the year will be