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

Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000.
The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

When shares are sold at more than the per value, they are said to have been issued at

The loss made by a non profit making organization is called

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

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

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

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

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

An expenses is said to be revenue in nature if it

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

If a trail balance is in agreement, one of the statement is untrue

The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and
postage 175 How much was received to maintain the
interest at the end of the month?

Which of the following is a debit entry in debtors control account?

The purpose of a trading account is to ascertain

Goods stolen at the branch is debited to

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.

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

Sales ledger control account contains the total amount in respect of

Preliminary expenses is an example of

Use the following information to answer this question.
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 total liabilities

An advantage of using accounting ratios is that

Capital reserves includes the following except

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

Use the following information to answer this question.

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?

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

Which of the following cannot be realized?

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

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

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

Use the information below to answer this question.
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?

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

When the invoice of a customer is overcast, the supplier will send to him a

To realize an asset means to

What does liquidity ratio measure?

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