Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 46:

• JAMB 2001

» 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 47:

• JAMB 2001

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 48:

• JAMB 2001

» 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

Question 49:

• JAMB 2001

Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?

A. N190,000
B. N210,000
C. N220,000
D. N230,000

Question 50:

• JAMB 2001

WHAT IS THE STOCK VALUATION METHOD USED?

A. LAST IN FIRST OUT
B. FIRST IN FIRST OUT
C. AVERAGE COST
D. WEIGHTED AVERAGE