Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 41:

• JAMB 2014

The details of the share capital which a company is authorized to issue is contained in the

A. Articles of Association
B. Companies and Allied Matters Act
C. Memorandum of Association
D. Share capitak certificate

Question 42:

• JAMB 2014

#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to

A. Credit #1,600,000
B. Debit #1,600,000
C. Credit #1,600,000
D. Debit #800,000

Question 43:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment

A. #224,950
B. #225,000
C. #324,950
D. #325,000

Question 44:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is

A. #675,000
B. #975,000
C. #1,350,000
D. #1,950,000

Question 45:

• JAMB 2014

The account of government into which all monies are received and from which all expenditures are disbursed is the

A. Federation account
B. Petroleum Technology Development Fund
C. Central Bank Account
D. Development fund