Accounts - Principles of Accounts 2001 JAMB Past Questions

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Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000

Assuming all the investments realized N4m, what will be the endig fund balance?

A. N8m
B. N 11M
C. N12M
D. N15M

View Answer & Discuss JAMB 2001

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000

If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

A. N9M
B. N11M
C. N13M
D. N16M

View Answer & Discuss JAMB 2001

Given:
N N
Capital 200,000 total assets 210,000
Liabilities 10,000
210,000 210,000
If the business is purchased at a price including a goodwill of N 20,000, what must have been the purchas price?