1997 - JAMB Accounting Past Questions and Answers - page 4
31
Share premium can be used to?
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.
A
i and iv only
B
i and iii only
C
ii and iii only
D
iii and iv only
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32
Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?
A
N125 000
B
N500 000
C
N50 000
D
N25 000
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33
A
N88 500 debit
B
N 88 500 credit
C
N 59 410 credit
D
N 59 410 debit
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34
In analyzing incomplete records, which of the following should be investigated?
A
the general ledger
B
the purchases day book and sales day book
C
the nature of trading activities and the basis on which goods are sold
D
the asset register together with the depreciation schedule
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35
Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
A
N21 000
B
N 17 000
C
N 15 000
D
N 6 000
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36
The difference between a trading account and a manufacturing account is that while the manufacturing account
A
has no particular period, the trading account has
B
does not consider the cost of goods involved, the trading account does
C
is concerned with the cost of production, the trading account is not
D
is not concerned with the stock of raw materials the rading account is
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37
An income and expenditure account is a summary of
A
all income and expenditure during a period
B
revenue income and expenditure during a period
C
receipts and payments during a period
D
the trading income a period
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38
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is
A
N 15 050
B
N 14 550
C
N14 300
D
N 13 400
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39
A
N 8 570
B
N8 470
C
N 850
D
N7 520
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40
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
A
borne by all the partners
B
borne by the insolvent partner
C
written off
D
borne by the solvent partners
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