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

Question 111:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment

A. #224,950
B. #225,000
C. #324,950
D. #325,000

Question 112:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is

A. #675,000
B. #975,000
C. #1,350,000
D. #1,950,000

Question 113:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Calculate the acid test ratio

A. 5 : 1
B. 6 : 1
C. 6 : 1 : 1
D. 4 : 1

Question 114:

• JAMB 2015

What will be the number of shares to be issued to a subscriber who applied for 50,000 units.

A. 20,000
B. 18,000
C. 15,000
D. 12,000

Question 115:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Determine the debtors collection period

A. 114 days
B. 68 days
C. 37 days
D. 41 days