1994 - JAMB Accounting Past Questions and Answers - page 3

The major difference between the receipt and payment account and the income and expenditure account is that while the former

The net profit from a trading account of a non-profit making organization would be treated as income in the

The major distinguishing element between the final accounts of a partnership and a sole trader is the

Goodwill appears in the books of a business only if it has been

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

Under which of the following conditions is a partnership dissolved?

when shares issued are paid for, accounting entry required is

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the nominal value of each share?

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the issued capital

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as