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Accounts - Principles of Accounts Past Questions

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1136
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The authorized capital of Tale Ltd is
  • A. ₦176,000
  • B. ₦166,000
  • C. ₦160,000
  • D. ₦16,000
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1137
Which of the following is not a characteristic of a computer?
  • A. large storage capacity
  • B. ver fast
  • C. highly accurate
  • D. highly diligent
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1138
Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below,
\(\begin{array}{c|c} & ₦\\ \text{Profit and loss appropriation b/f} & 10,000\\ \text{Net profit for the year} & 6,000\\ \text{Proposed dividend on ordinary shares} & 4,000\\ \text{Interim dividend} & 6,000\\ \text{Goodwill written off} \\ 600\end{array}\)
The dividend payable to preference shareholders is
  • A. ₦9,000
  • B. ₦6,000
  • C. ₦3,000
  • D. ₦2,400
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1139
Final accounts of a not-for-profit making organization is made up of
  • A. subscription accounts and income and expenditure accounts
  • B. subscriptions accounts and balance sheet
  • C. income and expenditure account and balance sheet
  • D. receipts snd payments account and income and expensiture account
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1140
Which of the following is a debit entry in debtors control account?
  • A. credit sales
  • B. bad debts
  • C. returns inwards
  • D. discounts allowed
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