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

Question 26:

• JAMB 2016

An item in the balance sheet of a limited liability company is

A. Accrued expenses
B. Lighting and heating
C. Salaries and wages
D. General expenses

Question 27:

• 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 28:

• JAMB 2021

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
Determine the owner's equity

A. ₦275,000
B. ₦200,000
C. ₦755,000
D. ₦215,000

Question 29:

• JAMB 2021

Use the information below to answer this question

A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The share premium account would be

A. Credited with application and allotment ₦187,500
B. Debited with application and allotment ₦375,000
C. Debited with application and allotment ₦187,500
D. Credited with application and allotment ₦375,000