Accounting Questions and Answers

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 N20,000, what must have been the purchase price?

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?

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 ending fund balance?

Given:

Authorized Capital: N100,000 ordinary shares of N1 each
Issued and fully paid:
50,000 ordinary shares of N1 each 50,000
10, 000 8% perference shares
of N 1 each
Reserves 10,000
Creditors 25,000
Debtors 13 000
Cash in hand 5000

Calculate the shareholders fund

Given:

Authorized Capital: N100,000 ordinary shares of N1 each
Issued and fully paid:
50,000 ordinary shares of N 1 each 50,000
10, 000 8% perference shares
of N 1 each 
Reserves 10,000
Creditors 25,000
Debtors 13,000
Cash in hand 5000

Determine the net current assets