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

Question 141:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The Unissued capital of the company is

A. ₦310,000
B. ₦200,000
C. ₦210,000
D. ₦100,000

Question 142:

• JAMB 2019

Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

A. ₦55,570
B. ₦36,320
C. ₦50,000
D. ₦30,000

Question 143:

• JAMB 2019

Retained profits is an example of

A. Revenue reserve
B. Capital reserves
C. General reserves
D. Loan capital

Question 144:

• JAMB 2019

Shares that are offered to existing shareholders at a price is called

A. Par
B. Premium
C. Right issue
D. Bonus issue

Question 145:

• JAMB 2021

Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?

A. ₦5,480,000
B. ₦6,480,000
C. ₦8,480,000
D. ₦7,380,000