Introduction to Company Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2001

The law that currently regulates the registration of companies in Nigeria is the?

A. Constitution of the Federal Republic of Nigeria, 1999
B. Nigeria Enterprises Promotion Decree, 1972
C. Companies and Allied Matters Decree, 1990
D. Companies Decree, 1968

Question 47:

• 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
Determine the net current assets

A. N 43,000
B. N 28,000
C. N13,000
D. N3,000

Question 48:

• 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 49:

• JAMB 2002

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?

A. N8m
B. N10m
C. N15m
D. N20m

Question 50:

• JAMB 2002

Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?

A. N90m
B. N70m
C. N100m
D. N80m