Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 421:

• JAMB 2003

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

A. N1080 000
B. N2 160 000
C. N3 600 000
D. N5 040 000

Question 422:

• JAMB 2003

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

A. N1, 100 000
B. N680 000
C. N440 000
D. N410 000

Question 423:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?

A. N4 069
B. N1 817
C. N1 440
D. N1 328

Question 424:

• JAMB 2003

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?

A. N1 875
B. N1 817
C. N1 626
D. N1 426

Question 425:

• JAMB 2003

The necessary accounts to be opened on the issue of ordinary share capital are?

A. Preference share capital, cash and allotment accounts
B. Bank and ordinary share capital accounts
C. Cash and ordinary share capital accounts
D. Nominal value and ordinary share capital accounts