Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 11:

• JAMB 2019

Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales

A. #55,000
B. #82,500
C. #27,500
D. #50,000

Question 12:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The company's paid-up capital is

A. #70,000
B. ₦80,000
C. ₦220,000
D. ₦120,000

Question 13:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The Unissued capital of the company is

A. ₦310,000
B. ₦200,000
C. ₦210,000
D. ₦100,000

Question 14:

• JAMB 2019

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

A. ₦55,570
B. ₦36,320
C. ₦50,000
D. ₦30,000

Question 15:

• JAMB 2019

Retained profits is an example of

A. Revenue reserve
B. Capital reserves
C. General reserves
D. Loan capital