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

Question 61:

• JAMB 2005

Use the information below to answer questions 25 and26.
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
They company's net current assets amount to?

A. N5 780
B. N5 70
C. N6 580
D. N7 930

Question 62:

• JAMB 2005

A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?

A. Cash and credit debenture
B. Debenture and credit cash
C. Cash and credit capital
D. Capital and debit cash

Question 63:

• JAMB 2005

The capital employed is

A. N13 000
B. N9 900
C. N8 400
D. N9 000

Question 64:

• JAMB 2005

The current ratio is

A. 1:1
B. 2:1
C. 2.8:1
D. 3.5:1

Question 65:

• JAMB 2006

Use the information below to answer question .
Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000
The company maintains a current ratio of 3:1.
The capital balance is?

A. N95 00
B. N12 500
C. 11 500
D. 10 00