2019 - JAMB Accounting Past Questions and Answers - page 2
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
Paid up capital is the total amount paid up or credited as paid up, on the issued share capital.
From the question above, the issued share capital is ₦100,000 and two of the shareholder owes ₦20,000. Therefore, the paid up is 100,000 - 20,000 = ₦80,000.
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 Unissued capital of the company is
Unissuer capital is the total amount which has not been issued out on the authorized, nominal or registered capital.
Therefore, unissued capital = Authorized
capital - issued capital which is :
200,000 - 100,000 = ₦100,000
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
Ordinary share dividend = 5% × 10,000 = 5000
Retained profit = (27,370 + 28,000 - 4100 + 1500 - 4050 + 5000 + 2100 + 2500)
⇒ 55,570 - 19,250 = ₦36,320
Retained profits is an example of
Retained profit is part of the part of the profits of an organization not distributed as dividends but ploughed back into the business for expansion.
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
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
Sam's share of profit is
The rate of interest on capital for Ade is
Interest on drawings:
Ojo = 5% × 1000 = ₦50
Sam = 5% × 2000 = ₦100
Ade = 5% × 900 = ₦45
Interest on Capital:
Ojo = 5% × 5000 = ₦250
Sam = 5% × 4,000 = ₦200
Ade = 5% × 6000 = ₦300
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
| Dr | Cr |
| Bal b/f 700 | cash (99) 7500 |
| J $ K 7400 | (2000) 1000 |
| Bal c/d 1000 | Bal c/d 600 |
| 9,100 | 9100 |
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 |
The figure ₦1000 represent what in the balance sheet.
The ₦1000 represent liability in the balance sheet since it is paid by the members representing dues for next year.
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 |
What is the opening cash balance
The opening balance is represented as bal b/f. From the question above and the closing cash balance is represented as bal c/d. Both balance indicate cash in the balance sheet.