Jamb Accounting Past Questions For Year 2002

Exam Year:

Topic:

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

Determine the club's excess of income over expenditure

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

Use the information below to answer this question.

.............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?

Subscriptions received are always put at 125% of the total donations received and refreshment sales.

Compute the subscriptions received.