Bonus and Rights Issues Practice Questions — JAMB UTME

Question 1Question →

Zenith Trading Plc has an issued ordinary share capital of $\text{₦}1,500,000$ made up of shares with a nominal value of $\text{₦}0.50$ each. The directors decide to issue rights to existing shareholders on the basis of $1$ new share for every $3$ shares held at an issue price of $\text{₦}0.80$ per share. If all shareholders fully subscribe to the rights issue, what is the total amount of cash proceeds received by the company?

\text{₦}400,000

\text{₦}500,000

\text{₦}800,000

\text{₦}1,200,000

Show answer & explanation

Answer: $\text{₦}800,000$

Answer

The total cash proceeds received by the company from the rights issue is

\text{₦}800,000

.

To find the total cash proceeds raised, first calculate the total number of existing ordinary shares:

\text{₦}1,500,000 / \text{₦}0.50 = 3,000,000

shares. Next, calculate the number of new shares issued based on the 1-for-3 rights ratio:

3,000,000 / 3 = 1,000,000

shares. Finally, multiply the number of new shares by the issue price per share:

1,000,000 \times \text{₦}0.80 = \text{₦}800,000

.

Step-by-Step Solution

1

Calculate the total number of existing issued shares.

\frac{\text{₦}1,500,000}{\text{₦}0.50} = 3,000,000\text{ shares}

Share capital is given as a total monetary value, so dividing by nominal value yields the share quantity.

2

Determine the number of new rights shares issued.

\frac{3,000,000\text{ shares}}{3} = 1,000,000\text{ new shares}

The rights issue offer ratio is 1 new share for every 3 existing shares held.

3

Calculate total cash proceeds from the issue.

1,000,000\text{ shares} \times \text{₦}0.80 = \text{₦}800,000

Cash proceeds equal the number of rights shares issued multiplied by the issue price per share.

Key Concept

Calculation of rights issue proceeds

Question 2Question →

Apex Plc has an issued share capital of $800,000$ ordinary shares of $\text{₦}0.50$ each. The company announces a bonus issue of $1$ new ordinary share for every $4$ shares held. Following the completion of the bonus issue, the company makes a rights issue of $1$ new ordinary share for every $5$ existing shares held at an issue price of $\text{₦}1.20$ per share. What is the total value of the company's issued ordinary share capital in Naira ( $\text{₦}$ ) after both the bonus issue and rights issue are fully executed?

Show answer & explanation

Answer: 600000

Answer

The total value of the company's issued ordinary share capital after both the bonus and rights issues is ₦600,000.

To find the post-issue share capital, calculate the nominal value added by each transaction. Initial share capital is 800,000 shares × ₦0.50 = ₦400,000. A 1-for-4 bonus issue adds 200,000 shares (800,000 / 4), increasing nominal share capital by ₦100,000 (200,000 × ₦0.50) and bringing total shares to 1,000,000. A 1-for-5 rights issue on these 1,000,000 shares adds 200,000 shares (1,000,000 / 5). Only the nominal value of ₦0.50 per rights share is added to Share Capital (200,000 × ₦0.50 = ₦100,000), while the ₦0.70 excess per share is credited to Share Premium. Combining ₦400,000 + ₦100,000 + ₦100,000 yields the final issued ordinary share capital of ₦600,000.

Step-by-Step Solution

1

Calculate the initial issued ordinary share capital

800,000 \text{ shares} \times \text{₦}0.50 = \text{₦}400,000

Issued share capital is recorded strictly at the nominal (par) value per share.

2

Determine the number of bonus shares issued and nominal value capitalized

\text{Bonus shares} = \frac{800,000}{4} = 200,000 \text{ shares}; \quad \text{Nominal value} = 200,000 \times \text{₦}0.50 = \text{₦}100,000

A 1-for-4 bonus issue issues 1 new share for every 4 existing shares held, using reserves to fund the nominal value without receiving cash.

3

Determine the total number of issued shares prior to the rights issue

800,000 + 200,000 = 1,000,000 \text{ shares}

The rights issue occurs after the bonus issue, so the ratio applies to all post-bonus shares.

4

Determine the number of rights shares issued and nominal value added to share capital

\text{Rights shares} = \frac{1,000,000}{5} = 200,000 \text{ shares}; \quad \text{Nominal capital added} = 200,000 \times \text{₦}0.50 = \text{₦}100,000

Only the nominal value (₦0.50 per share) increases the Issued Share Capital account. The excess issue price (₦1.20 - ₦0.50 = ₦0.70 per share) is credited to the Share Premium account.

5

Calculate the total final issued ordinary share capital

\text{₦}400,000 + \text{₦}100,000 + \text{₦}100,000 = \text{₦}600,000

Summing the initial capital with the nominal values added by the bonus and rights issues gives the final Share Capital balance.

Key Concept

Calculation of post-issue nominal share capital following sequential bonus and rights issues

Question 3Question →

Vanguard Enterprise Plc had an issued share capital of $1,000,000$ ordinary shares of $\text{₦}0.50$ each and a Share Premium account balance of $\text{₦}120,000$ . The company declared a bonus issue of $1$ new ordinary share for every $5$ shares held, utilizing the Share Premium account to fund the bonus shares. Immediately following the bonus issue, the company made a rights issue of $1$ new ordinary share for every $4$ shares held at an issue price of $\text{₦}0.80$ per share. What is the final balance of the Share Premium account (in $\text{₦}$ ) after both transactions are completed?

Show answer & explanation

Answer: 110000

Answer

The final balance of the Share Premium account after both the bonus issue and rights issue is ₦110,000.

The correct final Share Premium balance is ₦110,000. Funding 200,000 bonus shares of ₦0.50 each requires ₦100,000 from the initial ₦120,000 premium, leaving ₦20,000. Subsequently, the 1-for-4 rights issue on the expanded 1,200,000 shares issues 300,000 shares at a premium of ₦0.30 per share (₦0.80 - ₦0.50), creating ₦90,000 of fresh premium. Summing the remaining ₦20,000 and ₦90,000 gives ₦110,000.

Step-by-Step Solution

1

Calculate the bonus issue share quantity and nominal capital value

200,000 bonus shares with a total nominal value of ₦100,000

A 1-for-5 bonus issue on 1,000,000 shares yields 1,000,000 / 5 = 200,000 shares. At a nominal value of ₦0.50 each, the capital required is 200,000 × ₦0.50 = ₦100,000.

2

Deduct the capitalized amount from the initial Share Premium balance

Remaining Share Premium balance of ₦20,000

Initial Share Premium balance of ₦120,000 minus ₦100,000 capitalized for bonus shares leaves ₦20,000.

3

Determine the expanded share base and calculate the number of rights shares issued

300,000 rights shares issued

Post-bonus issued shares total 1,000,000 + 200,000 = 1,200,000 shares. A 1-for-4 rights issue gives 1,200,000 / 4 = 300,000 shares.

4

Compute the total share premium generated from the rights issue

₦90,000 in new share premium

Rights issue price is ₦0.80 per share while nominal value is ₦0.50, giving a premium of ₦0.30 per share. Total new premium created = 300,000 × ₦0.30 = ₦90,000.

5

Add the new rights issue premium to the remaining Share Premium balance

Total final Share Premium balance of ₦110,000

Remaining balance of ₦20,000 + ₦90,000 new premium = ₦110,000.

Key Concept

Bonus issue capitalization and rights issue share premium calculation

Question 4Question →

Kofar Ltd has an issued share capital of $500,000$ ordinary shares of $\text{₦}1.00$ each and a Share Premium balance of $\text{₦}150,000$ . The company first makes a rights issue of $1$ new ordinary share for every $5$ existing shares held at an issue price of $\text{��}1.50$ per share, which is fully subscribed. Subsequently, the company makes a bonus issue of $1$ new ordinary share for every $4$ shares held, utilizing the Share Premium account to fund the issue as far as possible. What is the remaining balance in the Share Premium account after the capitalization for the bonus issue?

\text{₦}50,000

\text{₦}75,000

\text{₦}0

\text{₦}150,000

Show answer & explanation

Answer: $\text{₦}50,000$

Answer

The remaining balance in the Share Premium account is

\text{₦}50,000

.

The rights issue adds

100,000

shares (

500,000 / 5

) at a premium of

\text{₦}0.50

per share, increasing the Share Premium account by

\text{₦}50,000

to

\text{₦}200,000

and bringing total issued shares to

600,000

. The subsequent

1

-for-

4

bonus issue requires

150,000

shares (

600,000 / 4

) at

\text{₦}1.00

nominal value (

\text{₦}150,000

). Capitalizing this

\text{₦}150,000

from the updated

\text{₦}200,000

Share Premium account leaves a balance of

\text{₦}50,000

.

Step-by-Step Solution

1

Calculate rights issue volume and share premium contribution

Rights shares issued =

500,000 / 5 = 100,000

shares. Premium per share =

\text{₦}1.50 - \text{₦}1.00 = \text{₦}0.50

. Total premium added =

100,000 \times \text{₦}0.50 = \text{₦}50,000

.

Only the excess of issue price over nominal value is credited to the Share Premium account.

2

Determine post-rights share count and updated Share Premium balance

Total issued shares =

500,000 + 100,000 = 600,000

shares. New Share Premium balance =

\text{₦}150,000 + \text{₦}50,000 = \text{₦}200,000

.

Rights shares increase both total shares outstanding and the available Share Premium balance before the bonus issue.

3

Calculate bonus issue volume and required capitalization

Bonus shares issued =

600,000 / 4 = 150,000

shares. Nominal value capitalized =

150,000 \times \text{₦}1.00 = \text{₦}150,000

.

Bonus shares are allocated based on total existing shares after the rights issue and are issued at nominal value.

4

Deduct bonus capitalization from updated Share Premium balance

Remaining Share Premium balance =

\text{₦}200,000 - \text{₦}150,000 = \text{₦}50,000

.

Share Premium is used to fund the nominal value of bonus shares issued.

Key Concept

Accounting for Sequential Rights and Bonus Issues

Estimated Time:2m 0s

Question 5Question →

Danford Oil Plc has an issued share capital of $1,200,000$ ordinary shares of $\text{₦}0.50$ each and a Share Premium balance of $\text{₦}180,000$ . The company executes a rights issue of $1$ new ordinary share for every $4$ shares held at an issue price of $\text{₦}0.80$ per share, which is fully subscribed. Immediately thereafter, the company declares a bonus issue of $1$ new share for every $6$ ordinary shares held, utilizing the Share Premium account. What is the remaining balance in the Share Premium account after both transactions?

Show answer & explanation

Answer: 145000

Answer

The remaining balance in the Share Premium account after both transactions is ₦145,000.

The rights issue adds 300,000 shares and generates a premium of ₦90,000 (300,000 × ₦0.30), bringing the Share Premium account to ₦270,000. The post-rights total of 1,500,000 shares yields 250,000 bonus shares (1 for 6 ratio). The nominal value of the bonus issue is ₦125,000 (250,000 × ₦0.50). Deducting ₦125,000 from the Share Premium account leaves a balance of ₦145,000.

Step-by-Step Solution

1

Determine the number of rights shares issued and the resulting share premium generated.

Rights shares = 1,200,000 ÷ 4 = 300,000 shares. Premium per share = ₦0.80 - ₦0.50 = ₦0.30. Premium generated = 300,000 × ₦0.30 = ₦90,000.

A 1 for 4 rights issue on 1,200,000 shares generates 300,000 new shares, with the excess of issue price over nominal value credited to Share Premium.

2

Calculate the updated Share Premium account balance prior to capitalizing bonus shares.

Updated Share Premium balance = ₦180,000 + ₦90,000 = ₦270,000.

The share premium from the rights issue is added to the initial Share Premium reserve balance.

3

Calculate the total ordinary shares in issue following the rights issue.

Total post-rights issued shares = 1,200,000 + 300,000 = 1,500,000 shares.

Bonus shares are declared after the rights issue is completed, so they apply to the total post-rights share count.

4

Calculate the nominal value of bonus shares issued.

Bonus shares = 1,500,000 ÷ 6 = 250,000 shares. Nominal value of bonus issue = 250,000 × ₦0.50 = ₦125,000.

Bonus shares are allocated at nominal value (₦0.50) without receiving cash payment.

5

Subtract the capitalized bonus share value from the Share Premium account.

Remaining Share Premium = ₦270,000 - ₦125,000 = ₦145,000.

Capitalizing reserves to fund a bonus issue reduces the Share Premium account by the total nominal value of the bonus shares issued.

Key Concept

Accounting Treatment of Rights Issue Premium and Bonus Share Capitalization

Question 6Question →

When a limited liability company issues bonus shares to its existing ordinary shareholders by capitalizing reserves, what is the effect of this transaction on the company's total cash flow?

Total cash flow remains unchanged because bonus shares are issued free of charge to shareholders using existing capital reserves.

Total cash flow increases because share premium is converted into distributable revenue profit paid in cash.

Total cash flow decreases because owner drawings are debited directly to the capital reserve account.

Total cash flow increases because subscribers must make immediate cash payments for the newly issued shares.

Show answer & explanation

Answer: Total cash flow remains unchanged because bonus shares are issued free of charge to shareholders using existing capital reserves.

Answer

Total cash flow remains unchanged because bonus shares are issued free of charge to shareholders using existing capital reserves.

The correct answer highlights that a bonus issue is an internal capitalization of reserves. Reserves (like share premium or retained earnings) are transferred to ordinary share capital. No cash is received from shareholders, so cash flow is completely unaffected.

Step-by-Step Solution

1

Identify the nature of a bonus issue

A bonus issue (capitalization issue) represents the issuance of additional shares to existing shareholders without requiring any cash consideration.

It converts undistributed reserves (such as Share Premium or General Reserve) into issued share capital.

2

Analyze the financial impact on cash balances

Because no cash changes hands between the company and its shareholders, the total cash position and total cash flow remain zero/unchanged.

The transaction is purely a bookkeeping entry within the equity section of the balance sheet.

Key Concept

Bonus Issue and Capitalization of Reserves

Question 7Question →

Sterling Heights Plc has an issued share capital of $2,000,000$ ordinary shares of $\text{₦}0.50$ each. The company makes a rights issue of $1$ new share for every $4$ ordinary shares held at an issue price of $\text{₦}0.75$ per share. If all rights are fully subscribed and paid for, what is the total cash proceeds raised from the rights issue in Naira?

Show answer & explanation

Answer: 375000

Answer

The total cash proceeds raised from the rights issue is ₦375,000.

To determine cash proceeds from a rights issue, first compute the number of new shares created by dividing the total issued shares by the ratio factor (2,000,000 / 4 = 500,000 shares). Then, multiply this quantity by the offer price of ₦0.75 per share to get ₦375,000.

Step-by-Step Solution

1

Calculate the total number of rights shares issued

500,000 shares

The rights issue gives shareholders 1 new share for every 4 existing shares held (2,000,000 ÷ 4 = 500,000 shares).

2

Calculate total cash proceeds from the issue

₦375,000

Multiply the number of newly issued rights shares by the issue price per share (500,000 shares × ₦0.75 = ₦375,000).

Key Concept

Calculation of cash proceeds from a rights issue

Estimated Time:1m 30s

Question 8Question →

Meridian Marine Plc has an issued share capital of $1,600,000$ ordinary shares of $\text{₦}0.50$ each. The board of directors resolves to make a rights issue of $1$ new ordinary share for every $4$ shares held at an issue price of $\text{₦}0.80$ per share. If all shareholders exercise their rights in full, what is the total amount that will be credited to the Share Premium account from this transaction?

\text{₦}120,000

\text{₦}200,000

\text{₦}320,000

\text{₦}480,000

Show answer & explanation

Answer: $\text{₦}120,000$

Answer

The total amount credited to the Share Premium account is

\text{₦}120,000

.

The number of rights shares issued is

400,000

(

1,600,000 \div 4

). The premium per share is

\text{₦}0.30

(

\text{₦}0.80 - \text{₦}0.50

). Multiplying

400,000

shares by

\text{₦}0.30

gives

\text{₦}120,000

credited to Share Premium.

Step-by-Step Solution

1

Calculate the number of new rights shares issued.

\text{Rights Shares} = \frac{1,600,000}{4} = 400,000 \text{ shares}

.

The rights ratio is 1 new share for every 4 existing shares held.

2

Determine the share premium per share.

\text{Premium per Share} = \text{₦}0.80 - \text{₦}0.50 = \text{₦}0.30

.

Share premium is the excess of issue price over nominal value.

3

Compute total amount credited to Share Premium account.

\text{Total Share Premium} = 400,000 \times \text{₦}0.30 = \text{₦}120,000

.

Multiplying the total rights shares by the premium per share gives the total balance credited to capital reserves.

Key Concept

Rights Issue and Share Premium Accounting

Question 9Question →

Premier Logistics Plc had an issued share capital of $2,000,000$ ordinary shares of $\text{₦}1.00$ each, a Share Premium account balance of $\text{₦}350,000$ , and a General Reserve balance of $\text{₦}450,000$ . The company first made a bonus issue of 1 new share for every 4 ordinary shares held, utilizing the Share Premium account to the maximum extent permissible before drawing from the General Reserve. Immediately following the bonus issue, the company declared a rights issue of 1 share for every 5 shares held at an issue price of $\text{₦}1.40$ per share. If all rights shares were fully subscribed and paid for, what is the final balance in the Share Premium account (in $\text{₦}$ )?

Show answer & explanation

Answer: 200000

Answer

The final balance in the Share Premium account after completing both the bonus issue and rights issue is ₦200,000.

The bonus issue requires ₦500,000 of reserves (500,000 shares at ₦1.00 nominal value). Capitalizing the full ₦350,000 Share Premium balance leaves ₦0 in Share Premium. The subsequent rights issue of 1 for 5 on the post-bonus base of 2,500,000 shares yields 500,000 rights shares. Each rights share generates a premium of ₦0.40 (₦1.40 - ₦1.00), giving a total premium of ₦200,000. Adding this to the zero balance results in a final Share Premium balance of ₦200,000.

Step-by-Step Solution

1

Calculate the number and total nominal value of bonus shares issued.

500,000 bonus shares with a total nominal value of ₦500,000.

Bonus shares are issued based on existing share capital of 2,000,000 shares at a 1 for 4 ratio.

2

Account for the capitalization of reserves to fund the bonus issue.

The Share Premium account is reduced from ₦350,000 to ₦0, and General Reserve is reduced by ₦150,000.

Non-distributable reserves like Share Premium must be utilized first before distributable reserves.

3

Determine total ordinary shares outstanding before the rights issue.

2,500,000 ordinary shares.

Original 2,000,000 shares plus the newly issued 500,000 bonus shares.

4

Calculate the number of rights shares and the premium generated per share.

500,000 rights shares generating a total premium of ₦200,000.

The 1 for 5 rights issue is based on post-bonus shares (2,500,000) at a premium of ₦0.40 per share (₦1.40 - ₦1.00).

5

Compute the final balance of the Share Premium account.

₦200,000.

Adding the ₦200,000 premium from the rights issue to the ₦0 post-bonus Share Premium balance.

Key Concept

Accounting for Bonus and Rights Issues and Reserve Capitalization Order

Estimated Time:3m 0s

Question 10Question →

Crestview Manufacturing Ltd has an issued share capital of $800,000$ ordinary shares of $\text{₦}0.50$ each. The board of directors resolves to make a bonus issue of $1$ new ordinary share for every $4$ ordinary shares held. What is the total nominal value (in $\text{₦}$ ) of the bonus shares issued?

Show answer & explanation

Answer: 100000

Answer

The total nominal value of the bonus shares issued is ₦100,000.

To find the total nominal value of bonus shares issued, first calculate the quantity of bonus shares (800,000 existing shares divided by 4 = 200,000 bonus shares). Then multiply this quantity by the nominal value per share (200,000 shares × ₦0.50 = ₦100,000).

Step-by-Step Solution

1

Determine the number of bonus shares issued.

200,000 shares

The ratio is 1 new share for every 4 existing shares, so dividing 800,000 by 4 yields 200,000 bonus shares.

2

Calculate the monetary nominal value of the bonus shares.

₦100,000

Multiplying 200,000 bonus shares by their par value of ₦0.50 each gives ₦100,000.

Key Concept

Bonus share capitalization of reserves

Question 11Question →

Crestline Ventures Plc has an issued share capital of $800,000$ ordinary shares of $\text{₦}0.50$ nominal value each. The company's reserves stand at: Share Premium $\text{₦}85,000$ , General Reserve $\text{₦}120,000$ , and Retained Earnings $\text{₦}95,000$ . The board of directors resolves to make a bonus issue of $1$ new ordinary share for every $4$ ordinary shares held, fully capitalizing the Share Premium account first and using the General Reserve for any remaining balance. What is the remaining balance in the General Reserve account after the capitalization for the bonus issue?

Show answer & explanation

Answer: 105000

Answer

The remaining balance in the General Reserve account after the capitalization for the bonus issue is

\text{₦}105,000

.

The bonus issue requires

200,000

new shares (

\frac{1}{4} \times 800,000

), which amounts to a total nominal value of

\text{₦}100,000

(

200,000 \times \text{₦}0.50

). Utilizing the entire Share Premium balance of

\text{₦}85,000

leaves

\text{₦}15,000

to be funded from the General Reserve. Subtracting

\text{₦}15,000

from the original General Reserve of

\text{₦}120,000

leaves a remaining balance of

\text{₦}105,000

.

Step-by-Step Solution

1

Calculate the total number of bonus shares issued

200,000 ordinary shares

The bonus issue ratio is

1

new share for every

4

existing shares:

\frac{800,000}{4} = 200,000

shares.

2

Calculate the total nominal value of the bonus shares

₦100,000

Each share has a nominal value of

\text{��}0.50

, so

200,000 \times \text{₦}0.50 = \text{₦}100,000

.

3

Determine the amount required from the General Reserve after utilizing Share Premium

₦15,000

The Share Premium account of

\text{₦}85,000

is fully utilized first, leaving

\text{₦}100,000 - \text{₦}85,000 = \text{₦}15,000

to be taken from the General Reserve.

4

Calculate the final remaining balance in the General Reserve

₦105,000

Subtracting the

\text{₦}15,000

capitalized from the initial

\text{₦}120,000

General Reserve yields

\text{₦}120,000 - \text{₦}15,000 = \text{₦}105,000

.

Key Concept

Capitalization of Reserves for Bonus Issue

Estimated Time:1m 30s

Question 12Question →

Apex Global Resources Plc has an issued share capital of 3,000,000 ordinary shares of $\text{₦}1.00$ each fully paid. The Share Premium account currently has a credit balance of $\text{₦}800,000$ . The company decides to make a bonus issue of 1 new share for every 5 ordinary shares held, utilizing the Share Premium account. What is the remaining balance in the Share Premium account after the capitalization for the bonus issue?

\text{₦}200,000

\text{₦}600,000

\text{₦}640,000

\text{₦}0

Show answer & explanation

Answer: $\text{₦}200,000$

Answer

The remaining balance in the Share Premium account after the bonus issue is

\text{₦}200,000

.

The company issues

600,000

bonus shares (1 for 5 of

3,000,000

) at a nominal value of

\text{₦}1.00

each, requiring

\text{₦}600,000

from reserves. Deducting

\text{₦}600,000

from the initial Share Premium credit balance of

\text{₦}800,000

leaves a remaining balance of

\text{₦}200,000

.

Step-by-Step Solution

1

Calculate the total number of bonus shares issued.

\text{Bonus Shares} = \frac{1}{5} \times 3,000,000 = 600,000 \text{ shares}

The bonus issue ratio is 1 new share for every 5 ordinary shares currently held.

2

Determine the monetary value of the bonus shares to be capitalized.

\text{Capitalized Amount} = 600,000 \text{ shares} \times \text{₦}1.00 = \text{₦}600,000

Bonus shares are capitalized at their nominal (par) value using available capital reserves.

3

Compute the remaining balance in the Share Premium account.

\text{Remaining Balance} = \text{₦}800,000 - \text{₦}600,000 = \text{₦}200,000

Deducting the amount capitalized for the bonus issue from the opening Share Premium balance gives the unutilized balance.

Key Concept

Capitalization of Reserves for Bonus Issues

Bonus and Rights Issues

Answer

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