Introduction to Company Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 31:

• JAMB 2000

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500

Question 32:

• JAMB 2000

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

A. N32,500
B. N32,000
C. N31,000
D. N29,500

Question 33:

• 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 34:

• 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 35:

• 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