Accounts - Principles of Accounts Past Questions and Answers

When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?

A Debit bank, credit custmer and credit conyrol account
B Credit bank, debit customer, and credit control account
C Debit customer, debit control accountand credit bank
D Credit control account, debit bank and debit customer

Question 257:

Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?

A Shares are never offered at a discount; the offer is invalid
B The value of shares in the capital account will be lowered by 2%
C The company incurs a loss to the tune of 2% of the offer
D Each of the subscribers loses 2% of investment

Question 258:

Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?

A N45,000
B N30,000
C 7,500
D N5,000

Question 259:

Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?

A N20,000
B N18,000
C N15,000
D N12,000

Question 260:

Which of the following items does not feature in the balance sheet of a club?

A Arrears of current year's subscription
B Salary arrears paid in the current year
C Rental income received in advance
D Advances subscription in respect of a coming year