Accounts - Principles of Accounts Past Questions and Answers

Share premium can be used to?
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.

Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?

What is the balance of the bank account shown above?

In analyzing incomplete records, which of the following should be investigated?

Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?