2007 - JAMB Accounting Past Questions & Answers - page 2

11
Use the information below to answer question .

A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

What would be the total amount received on second call?
A
N240 000
B
N280 000
C
N40 000
D
N56 000
CORRECT OPTION: c
12
Use the information below to answer question

A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.

The total amount of money received on application was?
A
N560 000
B
N220 000
C
N800 000
D
N1000 000
CORRECT OPTION: a
13
Given:

Shaku Company Ltd.

Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000

Determine the working capital?
A
N7380 000
B
N8480 000
C
N5480 000
D
N6480 000
CORRECT OPTION: c
14
the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?
A
a cash acount
B
a balance sheet
C
an income account
D
an expenses account
CORRECT OPTION: b
15
Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?
A
credited to Takwa's current acount
B
debited to goodwill account
C
share to all the partners' capital account
D
credited to the old partners' capital account
CORRECT OPTION: b
16
The amount of subscriptions accrued is reported in the balance sheet under?
A
fixed asset
B
long-term liability
C
current asset
D
current liability
CORRECT OPTION: d
17
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?
A
N891
B
N819
C
N927
D
N975
CORRECT OPTION: b
18
Use the information above to answer questions

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?
A
N1854
B
N1845
C
N1062
D
N1134
CORRECT OPTION: c
19
The gross profit disclosed in the branch stock adjustment account represents?
A
head office profit
B
unrealized profit
C
estimated profit
D
branch profit
CORRECT OPTION: d
20
Partners' share of profit is credited to?
A
a partner's current account
B
a partner's capital account
C
the profit and loss account
D
the profit and loss appropriation account
CORRECT OPTION: a
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