Final accounts of companies - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2001

» Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Calculate the shareholders fund

A. N 60,000
B. N75,000
C. N85,000
D. N185,000

Question 12:

• JAMB 2002

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?

A. N8m
B. N10m
C. N15m
D. N20m

Question 13:

• JAMB 2003

Use the information below to answer this questions
Capital..................N............N........
Land and building.......18470........24000....
Mortgage on premises...................11090...
Drawings...............3000...................
Profit and loss........................3600...
Furniture and fittings...5120.................
Motor Vehicles...........3462................
Closing Stock............3000................
Debtors..................11474...............
Creditors..............................7354.
Cash.....................1518................
..........................46044.........46044
What is the capital employed?

A. N44 600
B. N43 052
C. N43 044
D. N38 600

Question 14:

• JAMB 2004

The value of the owner's equity is

A. N400,000
B. N900,000
C. N957,000
D. N1,357,000

Question 15:

• JAMB 2005

Use the information below to answer questions
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.
The capital of the company stands at?

A. N12 240
B. N12 115
C. N2 510
D. N2 150