Company Accounts
GCE Financial Accounting

The following information relates to Goldfield Nigeria Plc for the year ended 31 December 2023: Authorised Share Capital: 10,000,000 Ordinary shares of N1.00 each 2,000,000 8% Preference shares of N2…

Meridian Manufacturing Plc provided the following trial balance extract as at 30 September 2023: Dr (N'000) Cr (N'000) 8% Debentures (2028) …

In a company's statement of financial position, debentures are classified under which section?

Eko Manufacturing Plc had a net profit after tax of ₦4,800,000. The company transferred ₦600,000 to general reserve and proposed a dividend of ₦1,200,000. What is the balance of retained earnings carr…

A company forfeited 20,000 shares of ₦2.00 nominal value on which ₦1.50 per share had been paid. The shares were subsequently reissued at ₦1.80 per share as fully paid. What amount is transferred to t…

Which of the following best describes the term 'authorised share capital'?

Lagos Continental Plc has the following capital structure: 1,000,000 ordinary shares of ₦1.00 each fully paid; 500,000 8% preference shares of ₦1.00 each fully paid; and 10% debentures of ₦200,000. Th…

When a company issues shares at a discount, the discount is recorded by debiting:

A company's capital structure shows: Ordinary share capital ₦2,000,000; General reserve ₦500,000; Share premium ₦300,000; Retained earnings ₦700,000; 12% Debentures ₦1,000,000. What is the total share…

Which of the following items would appear in a company's appropriation account?

A limited liability company issued 500,000 ordinary shares of ₦1.00 each at a premium of 50 kobo per share. What amount should be credited to the Share Premium Account?