Accounts - Principles of Accounts Past Questions and Answers

Which of the following is not a capital reserve?

\begin{array}{lr} <br/>Dr. & \(\mathrm{Cr} .\) \\<br/>\(\mathrm{N}\) & \(\mathrm{A}\) \\<br/>Goodwill & 100,000 \\<br/>Plant and Machinery & 320,000 \\<br/>Freehold premises & 500,000 \\<br/>Stocks & 150,000 \\<br/>Debtors & 125,000 \\<br/>Cash in bank & 75,000 \\<br/>Cash in hand & 20,000 \\<br/>Profit and loss account & 340,000 \\<br/>Accrued rent & 5,000 \\<br/>Sundry creditors & 95,000 \\<br/>Capital & \(1.290,000\) \\<br/>\hline<br/>\end{array}<br/><br/>What is the value of current liabilities?<br/>\(\begin{array}{llll}\text {

\begin{array}{lr} <br/>Dr. & \(\mathrm{Cr} .\) \\<br/>\(\mathrm{N}\) & \(\mathrm{A}\) \\<br/>Goodwill & 100,000 \\<br/>Plant and Machinery & 320,000 \\<br/>Freehold premises & 500,000 \\<br/>Stocks & 150,000 \\<br/>Debtors & 125,000 \\<br/>Cash in bank & 75,000 \\<br/>Cash in hand & 20,000 \\<br/>Profit and loss account & 340,000 \\<br/>Accrued rent & 5,000 \\<br/>Sundry creditors & 95,000 \\<br/>Capital & \(1.290,000\) \\<br/>\hline<br/>\end{array}<br/><br/>The value of working capital is ____________

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

Oleku (Nig.) Limited issued 100,000 ordinary shares of N1 each at a market value of \(N 250\) each. The share premium is ____________