JAMB Past Questions and Answers - Page 934

Credit purchases are always put at 150% of the total cash paid to suppliers 

Calculate the closing balance of the ledger account

Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each 
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units 
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units

Using the periodic simple average method, the cost per unit is

Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each 
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units 
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units

Calculate the price per unit of closing stock using the periodic weighted average method.

Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044

Calculate the value of fixed assets

Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044

What is the capital employed?