Principle of Accounts 2019 Past Questions | JAMB
Study the following Principle of Accounts past questions and answers for JAMB, WAEC NECO and ICAN. Get prepared with official past questions and answers for upcoming examinations.
11. Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.
The company’s paid-up capital is
- A. #70,000
- B. ₦80,000
- C. ₦220,000
- D. ₦120,000
12. The Unissued capital of the company is
- A. ₦310,000
- B. ₦200,000
- C. ₦210,000
- D. ₦100,000
13. 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
14. Retained profits is an example of
- A. Revenue reserve
- B. Capital reserves
- C. General reserves
- D. Loan capital
15. Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950
Ojo’s share of profit is
- A. 2475
- B. 1322.5
- C. 4950
- D. 6000
16. Sam’s share of profit is
- A. 7000
- B. 4921
- C. 3000
- D. 991.8
17. The rate of interest on capital for Ade is
- A. 250
- B. 200
- C. 300
- D. 400
18.
Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
Rates owing Insurance prepaid Subscription in arrears | 1/199 3,600 50 700 | 31/12/99 2000 1000 600 |
Calculate the subscriptions in the Income and expenditure account
- A. 8400
- B. 7400
- C. 6400
- D. 7200
19. The figure ₦1000 represent what in the balance sheet.
- A. Assets
- B. Liability
- C. capital
- D. Subscription
20. What is the opening cash balance
- A. ₦20,600
- B. ₦8,050
- C. ₦3,650
- D. ₦8,500
