Jamb Accounts - Principles of Accounts Questions - Issue of shares and debentures
Question 11:
» Given:
Authorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Calculate the shareholders fund
View Answer & ExplanationAuthorized Capital: N
100,000 ordinary shares of N 1 eash
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000
Calculate the shareholders fund
Question 12:
The necessary accounts to be opened on the issue of ordinary share capital are?
View Answer & ExplanationQuestion 13:
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?
View Answer & Explanation1500 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?