Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 256:

• JAMB 2000

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?

A. Debit bank, credit custmer and credit conyrol account
B. Credit bank, debit customer, and credit control account
C. Debit customer, debit control accountand credit bank
D. Credit control account, debit bank and debit customer

Question 257:

• JAMB 2000

Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?

A. Shares are never offered at a discount; the offer is invalid
B. The value of shares in the capital account will be lowered by 2%
C. The company incurs a loss to the tune of 2% of the offer
D. Each of the subscribers loses 2% of investment

Question 258:

• JAMB 2000

Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?

A. N45,000
B. N30,000
C. 7,500
D. N5,000

Question 259:

• JAMB 2000

Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

A. N20,000
B. N18,000
C. N15,000
D. N12,000

Question 260:

• JAMB 2000

Which of the following items does not feature in the balance sheet of a club?

A. Arrears of current year's subscription
B. Salary arrears paid in the current year
C. Rental income received in advance
D. Advances subscription in respect of a coming year