Use the information below to answer this questions

Capital..................N............N........

Land and building.......18470........24000....

Mortgage on premises...................11090...

Drawings...............3000...................

Profit and loss........................3600...

Furniture and fittings...5120.................

Motor Vehicles...........3462................

Closing Stock............3000................

Debtors..................11474...............

Creditors..............................7354.

Cash.....................1518................

..........................46044.........46044

Calculate the value of fixed assets

• A. N15 992
• B. N18 470
• C. N27 000
• D. N27 052

Shares are said to be authorized when they are

• A. paid -up
• B. called up
• C. offered for sale
• D. subscribed

A debit balance on a bank statement indicates that

• A) bank is a debtor to the customer
• B) customer is a debtor to the bank
• C) bank is not a creditor to the customer
• D) customer is not a debtor to the bank

One of the major features of bookkeeping is that it

• A) provides permanent records for all financial transactions
• B) is futuristic in nature
• C) accepts responsibility for all wrong posting
• D) does not give room for double entry procedure

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

• A. Kola 1/3, Sunday 1/3 and Kemi 1/3
• B. Kola 1/5, Sunday 1/5 and Kemi 3/5
• C. Kola 2/5, Sunday 1/5 and Kemi 2/5
• D. Kola 2/5, Sunday 2/5 and Kemi 1/5

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

• A. N35m
• B. N14m
• C. N56m
• D. N28m

A part of public company's profits belonging to the shareholders is

• A. public issue
• B. bonus
• C. right issue
• D. dividends

The estimated profit or loss for a period is calculated by

• A. closing capital less opening capital add drawings
• B. opening capital less closing capital add drawings
• C. opening capital less drawings add closing capital
• D. opening capital add closing add drawings

The principal use of control accounts is to

• A) localise errors within the ledgers
• B) prevent fraud
• C) Increase Sales
• D)Brecord assets and liabilities

The receipts and payments of a club is the same as

• A) Profit and loss account
• B) Trading Account
• C) Cash book
• D) Control Account