Accounts - Principles of Accounts Past Questions and Answers

Accumulated fund on 1st January 1993 is

A N 8 570
B N8 470
C N 850
D N7 520

Question 42:

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A Borne by all the partners
B Borne by the insolvent partner
C Written off
D Borne by the solvent partners

Question 43:

A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to

A N 1 000 000
B N 500 000
C N 50 000
D N 25 000

Question 44:

A dividend of 10% in a company on 500 000 ordinary shares of N 1 nominal value has been declared, How much will a shareholder receive if he has 200 shares?

A N 500 000
B N 50 000
C N200
D N 20

Question 45:

What is the working capital?

A N12 000
B N 11 000
C N 8 000
D N4 000