Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:
On application .........................N0.40
On allotment ...........................N0.20
First call (including premium ofN0.50)..N0.70
What is the balance of the ordinary share capital account after the first call was received?
AN300
BN1050
CN1200
D1950
View Explanation & Discuss
Question 1132
jamb2003
Gross profit in the branch adjustment account is transferred to the branch?
Atrading account
Breceipts and payments account
Cprofit and loss account
Dincome and expenditure account
View Explanation & Discuss
Question 1133
jamb2003
The amount of each invoiced goods sent to the branch is debited to?
Abranch expense account and credited to branch debtors' accoount
Bbranch stock account account and credited to the goods sent to branch account
Cbranch debtors' account and credited to branch expense account
Dgoods sent to branch expense account
View Explanation & Discuss
Question 1134
jamb2003
The necessary accounts to be opened on the issue of ordinary share capital are?
Apreference share capital, cash and allotment accounts
Bbank and ordinary share capital accounts
Ccash and ordinary share capital accounts
Dnominal value and ordinary share capital accounts
View Explanation & Discuss
Question 1135
jamb2003
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
What is the total expenses?
AN1 875
BN1 817
CN1 626
DN1 426
View Explanation & Discuss
Question 1136
jamb2003
Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?
AN4 069
BN1 817
CN1 440
DN1 328
View Explanation & Discuss
Question 1137
jamb2003
Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?
AN1, 100 000
BN680 000
CN440 000
DN410 000
View Explanation & Discuss
Question 1138
jamb2003
For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?
AN1080 000
BN2 160 000
CN3 600 000
DN5 040 000
View Explanation & Discuss
Question 1139
jamb2003
Which of these is a capital expenditure warrant?
AProvisional general warrant
BDevelopment fund general warrant
CReserved expenditure general warrant
DSupplementary warrant
View Explanation & Discuss
Question 1140
jamb2003
Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?
AN295 000
BN265 000
CN245 000
DN215 000
View Explanation & Discuss
Question 1141
jamb2003
Receipts and payments accounts is the summary of?
Aincome and expenditure
Bcash book
Cbalance sheet
Dprofit and loss
View Explanation & Discuss
Question 1142
jamb2003
Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?
AN300 000
BN293 000
CN193 000
DN133 000
View Explanation & Discuss
Question 1143
jamb2003
Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the receipts and payment account balance?
AN260 000
BN233 000
CN155 000
DN100 000
View Explanation & Discuss
Question 1144
jamb2003
The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?
Asuspense account
Bstatement of affairs
Crealization account
Dtrial balance
View Explanation & Discuss
Question 1145
jamb2003
A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?
AN10 000
BN15 000
CN18 000
DN20 000
View Explanation & Discuss
Question 1146
jamb2003
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?
AN54 600
BN56 000
CN57 400
D59 500
View Explanation & Discuss
Question 1147
jamb2003
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The overhead cost is?
AN71 050
BN68 250
CN67 970
DN66 080
View Explanation & Discuss
Question 1148
jamb2003
During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?
AN36 000
BN18 000
CN12 000
DN6 000
View Explanation & Discuss
Question 1149
jamb2003
Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?
AN60,000
BN80,000
CN90,000
DN110,000
View Explanation & Discuss
Question 1150
jamb2003
A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?
