Jamb Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 41:

• JAMB 1997

Accumulated fund on 1st January 1993 is

A. N 8 570
B. N8 470
C. N 850
D. N7 520

Question 42:

• JAMB 1997

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A. Borne by all the partners
B. Borne by the insolvent partner
C. Written off
D. Borne by the solvent partners

Question 43:

• JAMB 1997

A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to

A. N 1 000 000
B. N 500 000
C. N 50 000
D. N 25 000

Question 44:

• JAMB 1997

A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?

A. N 500 000
B. N 50 000
C. N200
D. N 20

Question 45:

• JAMB 1997

What is the working capital?

A. N12 000
B. N 11 000
C. N 8 000
D. N4 000