Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 21:

• JAMB 2000

Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?

A. N45,000
B. N30,000
C. 7,500
D. N5,000

Question 22:

• JAMB 2000

Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

A. N20,000
B. N18,000
C. N15,000
D. N12,000

Question 23:

• JAMB 2000

Which of the following items does not feature in the balance sheet of a club?

A. Arrears of current year's subscription
B. Salary arrears paid in the current year
C. Rental income received in advance
D. Advances subscription in respect of a coming year

Question 24:

• JAMB 2000

An outright sale of a partnership amounts to the?

A. Compensation of vendors by the purchase
B. Admission of a new partner
C. Purchase of rights of a dead partner
D. Change of sharing ratio of vendors

Question 25:

• JAMB 2000

Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?

A. N39,180
B. N34,830
C. N34,380
D. N31,980