Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

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

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

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

A sales for N2,570 was recorded in the sales day error of principleerror of principlebook as N2750. The error committed was

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.

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

An expenses is said to be revenue in nature if it

Accounting information is used by investors and creditors of a company to predict

What does liquidity ratio measure?

Which of the following is not a feature of accounting information?

Keeping records under single entry system has the advantage of

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

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

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

Use the information below to answer this question.
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

Sales ledger control account contains the total amount in respect of

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

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?

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

Use the information below to answer this question.

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?

Goods stolen at the branch is debited to

The purpose of a trading account is to ascertain

Preliminary expenses is an example of

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

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

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

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

Which of the following accounts is debited when a delivery van is sold for cash?

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

The loss made by a non profit making organization is called

The following accounting entries are made when
bad debt is recovered

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
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

Capital reserves includes the following except

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

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

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

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

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