2014 - JAMB Accounting Past Questions & Answers - page 5

41
#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to
A
credit #1,600,000
B
debit #1,600,000
C
credit #1,600,000
D
debit #800,000
CORRECT OPTION: d
42
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment
A
#224,950
B
#225,000
C
#324,950
D
#325,000
CORRECT OPTION: b
43
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is
A
#675,000
B
#975,000
C
#1,350,000
D
#1,950,000
CORRECT OPTION: d
44
The account of government into which all monies are received and from which all expenditures are disbursed is the
A
Federation account
B
Petroleum Technology Development Fund
C
Central Bank Account
D
Development fund
CORRECT OPTION: a
45
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
A
virement
B
fund accounting
C
consolidated fund
D
financial regulation
CORRECT OPTION: d
46
The formula for calculating depreciation using straight line method is
A
\( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
B
\( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
C
\( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
D
\( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)
CORRECT OPTION: b
47
Determine the closing stock.
A
N30,000
B
N40,000
C
N50,000
D
N60,000
CORRECT OPTION: c
48
What is the total income for the period?
A
N13,890
B
N13,500
C
N10,500
D
N9,500
CORRECT OPTION: a
49
What is the balance carried down?
A
N11,680
B
N11,930
C
N12,330
D
N13,430
CORRECT OPTION: c
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