Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000

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Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.

Determine the closing capital 31/12/2014

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

Sales ledger control account contains the total amount in respect of

The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention

The major distinguishing element between the final account of a partnership and that of a sole trader is the

The ledger entries to be made if cash sales is banked is debit

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

To realize an asset means to

Which of the following is shown in the profit and loss appropriation account of a company

Capital reserves includes the following except

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Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

Preliminary expenses is an example of

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

Which of the following is not a proper form of the accounting equation

The following account are prepared when goods are sent to branch except

Goods stolen at the branch is debited to

The purpose of a trading account is to ascertain

Income and expenditure account is more detailed than receipts and payments account because it disclosed

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Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

The basis of accounting for public sector is

In a bank reconciliation statement, Dishonoured cheques is added to

What does liquidity ratio measure?

The income and expenditure account of a club is the same as

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?

An entry in a subsidiary book which does not form part of the double entry system is a

The loss made by a non profit making organization is called

What is the ledger entry for sale of generator on credit to Patrick?

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.
Calculate his purchases.

Which of the following cannot be realized?

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

If rent account is debited instead of rate account, the error committed is that of;

If sales return is understated, it implies that ------------------------------ is overstated

An advantage of using accounting ratios is that

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A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

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Club building 400,000;
Subscription prepaid 3,000;
Sport kits 150,000;
Bar creditors 85,000;
Subscription owing 32,000;
What is the club’s accumulated fund?

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Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?