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

Question 81:

• JAMB 2008

Which of the following is true of Uju Nig.Ltd?

A. It is a highly geared company
B. It has no liquidity problem in the short term
C. It is adequately secured in fixed assets
D. It's working capital is zero

Question 82:

• JAMB 2009

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
What is the net working capital?

A. N2,600
B. N1,800
C. N800
D. N600

Question 83:

• JAMB 2009

Use the information below to answer questions below;
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The share premium account would be?

A. Credited with application and allotment N187, 500
B. Debited with appllication and allotment N375,000
C. Credited with application and allotment N375, 000
D. Debited with application and allotment N187, 500

Question 84:

• JAMB 2009

Use the information below to answer questions below;
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The second and final call account was debited with?

A. Ordinary share capital account N187,500
B. 12% preference share capital N375,000
C. Bank account N187,500
D. 12% preference share capital account N187,500

Question 85:

• JAMB 2009

Provision for bad and double debts in companies final accounts is treated in?

A. Trading account
B. Profit and loss account
C. Fund flow statement
D. Cash flow statement