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

Question 21:

• JAMB 2011

Calculate the net profit?

A. N1 620
B. N1 920
C. N1 420
D. 2 120

Question 22:

• JAMB 2012

Investment at cost of a company is to be disclosed under

A. Trading accounts
B. Profit and loss account
C. Balance sheet
D. Source and application of fund

Question 23:

• 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 24:

• 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 25:

• JAMB 2015

Use the information below to answer this question.
A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

A. N2
B. N0.80
C. N0.60
D. N0.50