Accounts - Principles of Accounts Past QuestionsQuestion 331:Use the information below to answer question Given: 31/12/98 31/12/99 Assets: Plant and Mach. N1,500 N1,200 Fixtures N700 N520 Stock N500 N600 Debtors N900 N400 Cash N200 N300 Liabilities: Creditor N500 N600 Loan N600 N400 What is the capital from the opening balance sheet? A. N3,600 B. N 2,700 C. N2,070 D. N1,520 Question 332:Given: Authorized Capital: N 100,000 ordinary shares of N 1 eash Issued and fully paid: 50,000 ordinary shares of N 1 each 50,000 10, 000 8% perference shares of N 1 each Reserves 10,000 Creditors 25,000 Debtors 13 000 Cash in hand 5000 Determine the net current assets A. N 43,000 B. N 28,000 C. N13,000 D. N3,000 Question 333:» Given: Authorized Capital: N 100,000 ordinary shares of N 1 eash Issued and fully paid: 50,000 ordinary shares of N 1 each 50,000 10, 000 8% perference shares of N 1 each Reserves 10,000 Creditors 25,000 Debtors 13 000 Cash in hand 5000 Calculate the shareholders fund A. N 60,000 B. N75,000 C. N85,000 D. N185,000 Question 334:Given: PTF Trial Balance [Extract] as at 31 December, 1999 Dr Cr N'000 N '000 Cash 2,000 Investments 3,000 Accounts receivable 6,000 11,000 Fund balance 11,000 11,000 Assuming all the investments realized N4m, what will be the endig fund balance? A. N8m B. N 11M C. N12M D. N15M Question 335:» Given: PTF Trial Balance [Extract] as at 31 December, 1999 Dr Cr N'000 N '000 Cash 2,000 Investments 3,000 Accounts receivable 6,000 11,000 Fund balance 11,000 11,000 If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund? A. N9M B. N11M C. N13M D. N16M |
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