JAMB Accounting Past Questions & Answers - Page 250

The part of equity which is payable on winding up is called?

Under which of these conditions can a company issue shares at discount? 
(i)A resolution must be passed at a general meeting 
(ii) The amount of discount must be stated in the resolution 
(iii) The share must have existed for at least six years 
(iv) On the order of a court.

Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?

The ordinary shareholders enjoy the following rights except the right to

Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: 
(i) profits be shared in the ratio of capital 
(ii) both partners earn interest on capital at 6% p.a 
(iii) both parents pay interest on drawings at 6% p.a. 
At the end of the year, Dan drew N15,000 while baker drew N14,000 in four installments on 31/3, 30\6, 30\9 and 30\12. The net profit for the year was N48,000. N5000 is to be written off the goodwill account.

Determine the total interest on capital due to the partners?