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

Question 101:

• JAMB 2013

When shares are issued at a discount, entries are to debit

A. Application allotment account and credit discount accoun
B. Discount account and credit
C. Cash account and credit discount account
D. Discount account and credit bank account

Question 102:

• JAMB 2013

Which of the following is the capital reserve of a company

A. Share premium
B. Retained profit
C. Accumulated depreciation
D. Loss on forfeited shares

Question 103:

• JAMB 2013

Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
How much is to be paid for application?

A. #230,000
B. #280,000
C. #500,000
D. #550,000

Question 104:

• JAMB 2013

The issued share capital is the number of shares that are

A. Authorized by share holders
B. Shared among the directors
C. Fully subscribed
D. In the share certificate

Question 105:

• JAMB 2013

The distributable profit available to shareholders at the end of each year is the

A. Total profit and debtors balance
B. General reserve and retained profit
C. Retained profit and fictitious assets
D. Total profit less creditors balance