Jupeb 2021 Accounting Questions An Answer expo

  1. Shares issued $f more than rrorninai value are isaued at a                        

.A.    surplus.

  1. discoi«n.


  1. Subscriptions pcid in ads’aace by rñenibos aha club at Ihe end aha £manctaT year ia a                           


B’.   ciu-rent asset..

  1. «on-cui-rem
  2. eminent


What is the fill meaning of IFRS?

.4.      TntematiozlaT FiwctaT Beporzing Sterne.

  1. InterzlatiozlaI Fimce Reporting
  2. International FimctaT Reporting
  3. International FimctaT Beporzing Srandcr&


  1. .A club received the following life memhenhip fees in each of ih first two years: Year one — R3,000,000


The club’s policy is in take credii for life membership fees in equal amount over ierr years What would be be membership fees recognized in.the income and ezpendiluze account for



  1. Atl,460,000


The cost of an item of equipment depreciated on sneigfrt line basis n’ith expected economic useful life of 6 years was K4tD,0tD on April 1 ?014. Its evtimaied residual s’alue is expecied io he K40,000. Wlist is ihe depnciable vaiue of the asset on December 31, 20177

B.    btI20.000


  1. A|I35.000


Onyinye .Xdamu Plc. boughl a motor van and a building for 146(f0.UD and K8tD.ID respectively on January 1, 201. 6. The Is.’o assets were depreciaied at l0°A sbâighi line end l5•A reducing balance respecfively. On June 30, 201. 7. lhB CDM   § BOILI   twO 8$8Bt$ 10 realize N 1 million. What is the toial profit or loss made on ilie disposal of the asseis?

..   N58,000 profit.

B’.  M8,000 Rosa.

  1. NI39,W

D.      AH39,W lm.


  1. .Nisha owés Al.000 fñ Daniel. She pays 4t i of ilie debi. Daniel wrote off ilie ivmaining debi. What entries will Daniel make to wriie off the but debi?



  1. N2OO Bad debts N200

Chipozie bought 10 pairs of shoes for H3.500 each and sold 6 pairs for K6,800 each. He paid Fl4,200 to tiunspon the goods to his shop. 9’hat is the gross profit on ilie sales of ilie shoes?


B. Sl,600



The members of Progrmsise Club pay bi5.000 subscription per annum. At December 31 20l6,lliere were 40 members out of which 5 members had paid 2017 subscription in chance. During 2017, 10 new members were inducted. By December 31 20i 7, 10 members has’e paid the 2018 subsciiption in advance. No subsciiption is ouisranding for ihe year 2017.


  1. how much subsciiption should be recognized in the Income and Expenditure Account for December 20177

..      H200.000

  1. N225.000
  2. N250.000

D. 5275.000


  1. How much subsciiption should be recognized in ilie Receipts and Payments Account for December 31 2017?

.X.    l’i200.000

  1. l’i225.000


.4.     it is differenl from be cash account.

  1. it is never operated on fie inlprest
  2. ihe Pretty Cashier cannoi handle
  3. ihe Petty Cashier cannot pay out more than he has receii e’:1.



















DO COØD EHfERPRI8E lms hon preparing his accounts to 3 I March evcy year for a haig penod. fn 20O8, he dœnied to nø£e up lzis øxxninl to 30 Septernbœ each yeør imteød of the 3 I








Determine the aaøeøøøble profile oø w1ich the relevant øutboùły would asømø bùn7






(c j  Whzt oonstitutes z qiionmi fm a meøing of the State Hoœd of Internal Bevœuie7



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