Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 331:

• JAMB 2001

Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400
What is the capital from the opening balance sheet?

A. N3,600
B. N 2,700
C. N2,070
D. N1,520

Question 332:

• 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
Determine the net current assets

A. N 43,000
B. N 28,000
C. N13,000
D. N3,000

Question 333:

• 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 334:

• JAMB 2001

Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?

A. N8m
B. N 11M
C. N12M
D. N15M

Question 335:

• JAMB 2001

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

A. N9M
B. N11M
C. N13M
D. N16M