JAMB Accounting Past Questions & Answers - Page 209

The necessary accounts to be opened on the issue of ordinary share capital are?

Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975 
Sundry expenses ...................N200

What is the total expenses?

Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975 
Sundry expenses ..................N200

The profit realized from the trade is

Given:
(i) The consolidation revenue fund balance b/d N650,000
(ii) Issue from contingency fund amount to N240,000
(iii) Amount transferred to contingency fund is N210,000

What is the consolidation revenue fund balance?

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?