JAMB Accounting Past Questions & Answers - Page 111

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

The account of government into which all monies are received and from which all expenditures are disbursed is the

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is

 

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

Determine the amount received on application and allotment.

#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to