Jamb Accounting Past Questions For Year 2003
Question 46
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?
- A. N4 069
- B. N1 817
- C. N1 440
- D. N1 328
Question 47
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?
- A. N1, 100 000
- B. N680 000
- C. N440 000
- D. N410 000
Question 48
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?
- A. N1080 000
- B. N2 160 000
- C. N3 600 000
- D. N5 040 000
Question 49
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?
- A. N300
- B. N1050
- C. N1200
- D. 1950
Question 50
Gross profit in the branch adjustment account is transferred to the branch?
- A. trading account
- B. receipts and payments account
- C. profit and loss account
- D. income and expenditure account
