Use the information below to answer this question

₦

Total current assets 2000

Total fixed assets 4000

Current liabilities 1200

Drawings 200

Long term loan 2000

Calculate the capital of the business.

• A. ₦3000
• B. ₦9400
• C. ₦3400
• D. ₦6000

Use the information to answer question below

......................... Departments

........................... P Q R

Sales value............... N23,400

Selling expenses.......... 1,100 N1,400 N1,280

Administrative expenses...N1,400 N1,000 N1,020

Cost of sales............. N6,900.... N6,700 N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

• A. N7,800
• B. N11,700
• C. N23,400
• D. N35,100

Use the following information to answer the question

Ant and Bee withdrew GHC 14,000 and GHC 10,000 respectively at 8% per annum from the partnership.

The total interest on drawings to be charged to profit and loss appropriation account is

• A. GHC 1,120
• B. GHC 1,920
• C. GHC 700
• D. GHC 800

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

• A. N1080 000
• B. N2 160 000
• C. N3 600 000
• D. N5 040 000

The net assets of a firm can be calculated as

• Options A) Non-current assets + current assets - current liabilities
• B) Non-current assets + current assets - currents liabilities - non-current liabilities
• C) Non-current assets - non-current liabilities
• D) Non-current assets - current assets

Given; Purchases = N20,000 Sales = N40,000 Carriage inwards = N5,000 Carriage outwards = N5,000 Opening stock = N10,000 Closing stock = N5,000 What is the cost of goods sold?

• A. N30,000
• B. N25,000
• C. N20,000
• D. N15,000

The part of capital issued only at the time of liquidation of the company is

• A. issued capital
• B. called-up capital
• C. paid-up capital
• D. reserved capital

Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.

• A. N19,650
• B. N18,650
• C. N17,850
• D. NN16,850

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

• A. Sule 1/3, Ahmad 1/3 and Khadija 1/3
• B. Sule 1/5, Ahmad 15 and Khadija 3/5
• C. Sule 2/5, Ahmad 2/5 and Khadija 1/5
• D. Sule 2/5, Ahmad 1/5 and Khadija 2/5

Payment for shares in excess of amount offered gives rise to

• A. subscription in advance
• B. revenue reserves
• C. capital reserves
• D. calls-in-advance