Principle of Accounts 2019 Past Questions | JAMB

Study the following Principle of Accounts past questions and answers for JAMBWAEC  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
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0 0 vote
Article Rating
Share This:
0
Would love your thoughts, please comment.x
()
x
Scroll to Top

join

naijavarcity

Subscribe to our mailing list and get latest school news

%d bloggers like this: