Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 71:

• JAMB 2023

The document issued by a revenue collector as evidence of payment to a government ministry is a ____________

A. Receipt voucher card
B. Stores receipt voucher
C. Treasury receipt
D. Payment voucher

Question 72:

• JAMB 2023

When the goods are sold on credit to a buyer, the account receivable account will be ____________

A. Debit and credit
B. Contra entry
C. Debited
D. Credited

Question 73:

• JAMB 2023

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

The amount of preference shares dividends payable at the end of the year is ____________

A. ₦10,000
B. ₦25,000
C. ₦7,500
D. ₦20,000

Question 74:

• JAMB 2023

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

At the end of the period, what is the balance of the profit and loss appropriation account?

A. ₦66,5000
B. ₦90,000
C. ₦100,000
D. ₦74,000

Question 75:

• JAMB 2023

The document which is legal charter of a company that defines the limits of a company's field of operation is known as ____________

A. Articles of association
B. Equity share certificate
C. Prospectus
D. Memorandum of association