JUPEB 2019 ACCOUNTING: Essay Questions
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Question 1 of 8
1. Question
The following transactions by Dabbing Enterprises took place in the month of February, 2017.
- Dabbing started his business withN645,500 cash and a motor vehicle with a value ofN50,000.
- Made a deposit of N350,000 cash to the business bank account.
- Bought goods from Adesopo with a selling price of N47,500 and was granted a 6% trade discount by
- Withdrew cash of Nl 53,000 from the bank for the business use.
- Bought N251,000 worth of goods from Oretuyi on credit and received 12% cash discount.
- Paid Nl8,000 cash to settle electricity bill for the
- SoldN75,500 goods to Orelope on credit. A discount allowed of 10% was granted if payment is made on or before 20th February.
- Sold goods amounting to N478,000 receiving cheque.
- Withdrew N57,800 cash from the business bank account to pay his son’s hospital bill.
- Returned goods amounting to Nl 0,200 to Oretuyi.
- Paid Nl50,000 cash to Oretuyi as part settlement of his debt.
- Orelope paid N25,000 cash and N40,000 cheque on 25th February.
- Paid cash: N32,000 salary to the business staff and N25;000 salary to himself
- Dabbing personal dividend received of N15,500 was paid into the business bank account
- Settled his debt to Oretuyi after deducting a 12% cash discount with cheque
You are required to:
a. Post the transactions into the appropriate ledgers and [12 Marks]
b. Extract a trial balance. [3 Marks]
Total [15 Marks]
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Question 2 of 8
2. Question
(a) Draw up a profit or loss appropriation account for Lekan, Chuks & Hassan for the year ending 31st March, 2015 and prepare current account as at that date from the following information.
- Drawings: Lekan N3,500, Chuks Nl 1,500 and HassanN8,500.
- Capital account: Lekan N30,000, Chuks N22,500 andHass.N17,500.
- Current account: Lekan N9,000, Chuks N4,000 and HassanN3,000.
- Profits to be shared: Lekan 50%, Chuks 30% and Hassan 20%.
- Salaries to be credited: Chuks Nl 1,000 and Hassan 14’000.
- Interest to be charged on drawings: Lekan N600, Chuks N450 and HassanN250.
- Net profits N92,400.
- Interest to be charged on Capital: Lekan Nl,800, ChuksNl,350andHassanNl,05[9 Marks]
(b) AICO Limited purchased a non-current asset (Motor Vehicle) at the beginning of year 2012 for N9,600,000 and applied a depreciation rate of 25% per annum using reducing balance method. The company sold the vehicle for N4,500,000 at the beginning of year 2016.
You are required to prepare:
- Accumulated depreciation account and [4 Marks]
- Asset disposal account [2 Marks]
Total [15 Marks]
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
Question 3 of 8
3. Question
The following information is provided in relation to the cost structure of a manufacturing company for different levels of production activities:
You are required to:
(a) Identify the types of cost behaviour and state the specific amount for each cost item for the various levels of production activities [10 Marks] Question 4
(b) Calculate the total cost for 700 units and 1,800 units of production activities. (5 Marks)
Total (15 Marks)
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 4 of 8
4. Question
(a) What is budgeting? [2 Marks]
(b) Give six reasons why organisations prepare budgets. [3 Marks]
(c) Zakari and Aishat Ltd possesses the following data:
Cost of raw materials N50 per unit
Usage of raw materials 1,000 units
Minimum recorder period 15 days
Maximum reorder period 25 days
Cost of ordering materials order N750 per order
Carrying costs 15% per order
If each year consists of 42 working weeks of 4 days per week, calculate the following:
- Reorder level (2 Marks)
- Reorder quantity (2 Marks)
- Maximum level (2 Marks)
- Minimum level (2 Marks)
- Average level. (2 Marks)
Total (15 Marks)
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
Question 5 of 8
5. Question
(a) Outline FIVE reasons/advantages of an Auditor’s attestation of financial statements.[5 Marks]
(b) With the aid of a table, explain how ‘Nature of Circumstances’ and ‘Degree of Materiality’ determine the opinion expressed by Auditors on the financial statements. [10 Marks]
Total [15 Marks]
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 6 of 8
6. Question
(a) Audits must strictly comply with “Rules of profession, conduct issued by their Professional bodies as conditions for membership”. You are required to mention and explain any FOUR fundamental principles of code of conduct for accountants. [12 Marks]
(b) Every company shall appoint annually, a person approved by shareholders whose duties shall be to present to the shareholders, a report on the annual Financial Statements of the company. What are the conditions to be met to qualify as an “approved auditor?” [3 Marks]
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Question 7 of 8
7. Question
DO GOOD ENTERPRISE has been preparing his accounts to 31st March every year for a long period. In 2008, he decided to make up his account to 30 September each year instead of the 31st March. The following were his adjusted profits.
Period Amount
1/4/2006-31/3/2007 270,000
1/4/2007-31/3/2008 360,000
1/4/2008-30/9/2008 150,000
1/10/2008-30/9/2009 529,000
1/10/2009-30/9/2010 375,000
Determine the assessable profits on which the relevant authority would assess him? [15 Marks]
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Question 8 of 8
8. Question
(a) List FOUR members of the State Board of Internal [4 Marks]
(b) State THREE duties of the State Board of Internal [3 Marks]
(c) What constitutes a quorum for a meeting of the State Board of Internal Revenue? [2 Marks]
(d) List SIX taxes and levies collectible by a Stat Government. [6 Marks]
Total [15 Marks]
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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