Tüm alıştırma soruları

Musa and Taraba entered into a joint venture to trade in grain, maintaining a separate set of books with a Joint Bank Account. Total sales revenue deposited into the Joint Bank Account amounted to \text{\mathbb{N}}850,000, while total venture purchases and expenses paid through the bank totaled \text{\mathbb{N}}600,000. If profits and losses are shared equally between Musa and Taraba, what is Musa's share of the net joint venture profit in Naira (\text{\mathbb{N}})?

Under a fluctuating capital account system, Bisi's capital account had an opening credit balance of $\text{₦}500,000$ on 1st January 2025. During the year, she introduced additional capital of $\text{₦}100,000$, was credited with a share of profit of $\text{₦}80,000$, and made cash drawings of $\text{₦}50,000$. What is the closing balance of Bisi's capital account in Naira ($\text{₦}$) at 31st December 2025?

Aminu and Folake are partners in a firm. On 1st January 2025, Aminu's fixed capital account balance was $\text{₦}1,200,000$ and his current account had a credit balance of $\text{₦}150,000$. On 1st July 2025, Aminu introduced additional capital of $\text{₦}300,000$. The partnership agreement provides for interest on capital at $10\%$ per annum, an annual salary to Aminu of $\text{₦}200,000$, interest on drawings of $\text{₦}12,000$, and a share of residual profit of $\text{₦}350,000$. Aminu's drawings during the year amounted to $\text{₦}180,000$. If the firm converts to a fluctuating capital account system at the end of the year, what is the closing balance of Aminu's capital account at 31st December 2025?

Bello Textile Mills extracted the following expenditure details from its books for the financial year ended 31st December 2025:

- Factory supervisor's salary: $\text{₦}180,000$
- Depreciation of factory plant and machinery: $\text{₦}75,000$
- Direct wages paid to weavers: $\text{₦}350,000$
- Factory power and fuel: $\text{₦}45,000$
- Direct raw materials consumed: $\text{₦}500,000$

What is the total factory overhead cost for Bello Textile Mills for the year?

Zainab operates a retail bookshop and maintains single-entry accounting records. On 1 January 2025, her business records showed Equipment of $₦350,000$, Inventory of $₦120,000$, Trade Debtors of $₦80,000$, Bank balance of $₦50,000$, Trade Creditors of $₦100,000$, and Accrued Rent of $₦20,000$.

On 31 December 2025, her assets and liabilities were Equipment $₦320,000$, Inventory $₦150,000$, Trade Debtors $₦95,000$, Bank balance $₦110,000$, Trade Creditors $₦85,000$, and Accrued Utilities $₦15,000$.

During the year 2025, Zainab introduced additional capital of $₦40,000$ into the business and withdrew $₦60,000$ in cash for personal use.

Using the Statement of Affairs method, calculate the net profit earned by Zainab for the year ended 31 December 2025 in Naira ($₦$).

A state government credited a total of $\text{NGN } 50,000,000$ into its Consolidated Revenue Fund (CRF) during a fiscal year. Out of this sum, $\text{NGN } 32,000,000$ was disbursed for recurrent expenditure and $\text{NGN } 10,000,000$ was transferred to the Capital Development Fund. What is the closing balance of the Consolidated Revenue Fund at the end of the fiscal year in $\text{NGN}$?

During November 2026, Kano Trading Enterprise engaged in the following transactions:

- Nov 3: Purchased $200$ cartons of detergent for resale on credit from Bako Ltd at $\text{₦}5,000$ per carton, subject to a $10\%$ trade discount.
- Nov 10: Bought a delivery van for business operations on credit from Auto World for $\text{₦}1,500,000$.
- Nov 15: Purchased $100$ cartons of detergent for resale from Danladi Stores for $\text{₦}450,000$ cash.
- Nov 22: Returned $20$ damaged cartons of detergent purchased on Nov 3 to Bako Ltd.
- Nov 28: Purchased $50$ cartons of detergent for resale on credit from Bako Ltd at $\text{₦}5,200$ per carton, subject to a $5\%$ trade discount.

Calculate the total amount to be recorded in the Purchases Journal for the month of November 2026.

Chidubem Stores operates a dual ledger system and maintains control accounts. On 1st November 2025, the Sales Ledger Control Account had a debit balance of $\text{N}218,500$. During November 2025, the following transactions were recorded:

- Credit sales: $\text{N}340,000$
- Cash and cheques received from debtors: $\text{N}295,000$
- Returns inwards: $\text{N}12,500$
- Discounts allowed: $\text{N}8,000$
- Bad debts written off: $\text{N}6,000$
- Customer dishonoured cheque: $\text{N}15,000$
- Contra entry set-off between sales ledger and purchases ledger: $\text{N}22,000$

What is the closing debit balance of the Sales Ledger Control Account as at 30th November 2025?

The following financial records relate to Beacon Welfare Society for the year ended 31st December 2025:

What is the closing cash and bank balance of Beacon Welfare Society to be recorded in the Receipts and Payments Account as at 31st December 2025?

Folake and Biodun are partners sharing profits and losses in the ratio $3:1$. For the year ended 31 December 2025, the firm recorded a net profit of ₦680,000 before adjusting for interest of ₦20,000 on Folake's loan to the firm. Additional financial information for the year shows:

- Total interest on capital: ₦60,000 (Folake: ₦40,000; Biodun: ₦20,000)
- Annual salary allocated to Biodun: ₦100,000
- Total interest on drawings charged to partners: ₦20,000 (Folake: ₦10,000; Biodun: ₦10,000)

What is Biodun's share of the net divisible profit in Naira (₦)?

The following details were extracted from the accounting records of Kalu Traders for the year ended 31st December 2025:

- Balance b/f (1st Jan 2025): Debit balance $\text{₦}52,000$; Credit balance $\text{₦}1,500$
- Total sales for the year: $\text{₦}210,000$ (including cash sales of $\text{₦}40,000$)
- Returns inwards: $\text{₦}6,500$
- Discount allowed: $\text{₦}3,800$
- Bad debts written off: $\text{₦}2,400$
- Provision for doubtful debts: $\text{₦}3,500$
- Dishonoured cheque from debtor: $\text{₦}4,200$
- Contra set-off with Purchases Ledger: $\text{₦}5,000$
- Cash refund to credit customer for overpayment: $\text{₦}1,800$
- Balance c/f (31st Dec 2025): Debit balance $\text{₦}68,000$; Credit balance $\text{₦}800$

What was the total amount of cash received from credit debtors during the year?

Tunde Enterprises operates control accounts for its dual ledger system. For the year ended 31st December 2026, the following summary of transactions was extracted from the financial records:

- Sales Ledger debit balance at 1st January 2026: $\text{N}320,000$
- Total credit sales: $\text{N}850,000$
- Cash received from trade debtors: $\text{N}710,000$
- Cheques received from debtors dishonoured: $\text{N}15,000$
- Discounts allowed to debtors: $\text{N}25,000$
- Bad debts written off: $\text{N}18,000$
- Returns inwards: $\text{N}22,000$
- Interest charged to customers on overdue accounts: $\text{N}4,000$
- Cash refunded to a customer for overpayment: $\text{N}8,000$
- Contra entry / set-off between Sales Ledger and Purchases Ledger: $\text{N}35,000$
- Increase in provision for doubtful debts: $\text{N}12,000$

What is the closing debit balance of the Sales Ledger Control Account as at 31st December 2026?

The following financial balances were extracted from the ledger of Alabi Enterprises at the end of the trading period:

- Motor Vans: $\text{₦}1,800,000$
- Inventory (Stock): $\text{₦}540,000$
- Trade Receivables (Debtors): $\text{₦}410,000$
- Provision for Bad Debts: $\text{₦}20,000$
- Insurance Prepaid: $\text{₦}35,000$
- Cash at Bank: $\text{₦}125,000$
- Trade Payables (Creditors): $\text{₦}310,000$
- Bank Overdraft: $\text{₦}95,000$
- Accrued Wages: $\text{₦}40,000$
- 3-Year Bank Loan: $\text{₦}750,000$

What is the net working capital of Alabi Enterprises in Naira ($\text{₦}$)?

Audu and Musa entered into a joint venture sharing profits and losses equally. Audu supplied goods valued at $\text{N}50,000$ and paid expenses of $\text{N}5,000$. Musa supplied goods valued at $\text{N}30,000$ and paid expenses of $\text{N}3,000$. Musa subsequently sold all the joint venture goods for $\text{N}110,000$. What is the total profit of the joint venture in Naira?

At the beginning of a fiscal year, a state government recorded an opening balance of $\text{₦}45,000,000$ in its Consolidated Revenue Fund (CRF). During the year, the state received $\text{₦}120,000,000$ as Statutory Allocation from the Federation Account, $\text{₦}35,000,000$ in Internally Generated Revenue (IGR), and $\text{₦}15,000,000$ in external capital development grants earmarked specifically for hospital construction. Approved recurrent payments from the CRF comprised $\text{₦}40,000,000$ for Consolidated Revenue Fund Charges and $\text{₦}65,000,000$ for personnel and overhead expenses. Additionally, an advance of $\text{₦}6,000,000$ previously drawn from the Contingencies Fund for emergency flood relief was reimbursed from the CRF following a Supplementary Appropriation Act. If $50\%$ of the net recurrent surplus for the year was statutorily transferred from the CRF to the Capital Development Fund (CDF), what is the closing balance of the Consolidated Revenue Fund (in Naira) at the end of the fiscal year?

Goldline Enterprises Plc was registered with an authorized share capital of $1,500,000$ ordinary shares of $\text{₦}2.00$ each. The directors issued $900,000$ ordinary shares to the public, all of which were fully called up to $\text{₦}2.00$ per share. At the end of the financial year, all call payments were received except for a final call of $\text{₦}0.50$ per share on $50,000$ shares. What is the value of the paid-up share capital of the company in Naira?

Bisi and Halima are partners in a firm. For the year ended 31 December 2025, the firm recorded a net profit of ₦300,000. According to their partnership agreement, the following provisions apply:
- Annual salary to Bisi: ₦50,000
- Total interest on partners' capital: ₦30,000
- Total interest on drawings charged to partners: ₦10,000

What is the net divisible profit available for distribution between the partners?

Ebuka and Fatima entered into a joint venture to trade in solar energy equipment, maintaining a separate set of books. Ebuka and Fatima paid $₦2,500,000$ and $₦1,500,000$ respectively into a Joint Bank Account. Goods purchased using funds from the Joint Bank Account amounted to $₦3,000,000$. Ebuka paid carriage expenses of $₦200,000$ from his personal funds, while selling expenses of $₦150,000$ were settled from the Joint Bank Account. All goods were sold for $₦4,800,000$ and the proceeds were deposited into the Joint Bank Account. If profits and losses are shared between Ebuka and Fatima in the ratio $3:2$ respectively, what is the final cash amount due to Ebuka upon closing the venture?

In a manufacturing entity, the prime cost for a financial period is $\text{₦}50,000$ and factory overheads total $\text{₦}20,000$. If the opening work-in-progress is valued at $\text{₦}5,000$ and the closing work-in-progress is $\text{₦}3,000$, what is the cost of production?

The following financial balances were extracted from the ledger of Zainab Bookshop for the year ended 31 December 2025:

- Sales: $\text{₦}310,000$
- Returns Inwards: $\text{₦}10,000$
- Opening Inventory: $\text{₦}45,000$
- Purchases: $\text{₦}180,000$
- Returns Outwards: $\text{₦}15,000$
- Carriage Inwards: $\text{₦}12,000$
- Carriage Outwards: $\text{₦}8,000$
- Closing Inventory: $\text{₦}52,000$

What is the Gross Profit of Zainab Bookshop for the year ended 31 December 2025?