Company Accounts and Statement of Financial Position
ICAN Financial Accounting
9 Company Accounts and Statement of Financial Position practice questions covering everything you need for ICAN.
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QUESTION 1 Lagos Breweries Plc is a public limited company incorporated under the Companies and Allied Matters Act (CAMA) 2020. The following balances were extracted from the books of Lagos Breweries…
QUESTION 2 Abuja Properties and Construction Plc (APC Plc) is a company quoted on the Nigerian Exchange Group (NGX). The company's draft financial statements for the year ended 30 September 2023 have…
QUESTION 3 Dangote Foods Nigeria Limited is a private limited company. The company's accountant, Mr. Emeka Obi, has prepared the following trial balance as at 31 March 2024: …
Abuja Holdings Plc has the following information as at 30 June 2023: Total assets ₦480,000,000; Current liabilities ₦85,000,000; 10% Loan notes (2027) ₦60,000,000; Deferred tax liability ₦14,000,000; …
Under CAMA 2020, which of the following statements correctly describes the minimum share capital requirement for a public company incorporated in Nigeria?
Port Harcourt Energy Plc had 40,000,000 ordinary shares of 50 kobo each in issue on 1 January 2023. On 1 April 2023, the company made a rights issue of 1 for 4 at ₦2.20 per share. The market price imm…
Under the Companies and Allied Matters Act (CAMA) 2020, which of the following reserves is a capital reserve that CANNOT be distributed to shareholders as cash dividend?
Eko Manufacturing Plc reported the following balances at 31 December 2023: Issued share capital ₦50,000,000; Share premium ₦12,000,000; Retained earnings ₦18,500,000; Revaluation surplus ₦6,000,000; 8…
Lagos Retailers Plc issued 5,000,000 ordinary shares of ₦1 each at ₦3.50 per share on 1 March 2023. Issue costs of ₦2,500,000 were incurred. Under IFRS (IAS 32), how should the issue costs be treated …