Financial Past Questions And Answers
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
- A. D 278,300
- B. D 323,500
- C. D 478,300
- D. D 154,800
Which of the following entries classes the owner’s drawing account ant the end of the period?
- A) Debit the drawing account, credit the owner's capital account
- B) Debit the income summary account credit the drawing account
- C) Debit the drawing account credit income summary accounting
- D) Debit the owner
Which of the following cannot be realized?
- A. creditors
- B. debtors
- C. motor vehicles
- D. goodwill
The fund in which all government receipt are paid is?
- A. consolidated revenue fund
- B. development fund
- C. trust fund
- D. contingency fund
The equivalent of a club's receipts and payment account is the?
- A. trading account
- B. revenue account
- C. cash account
- D. suspense account
Where no partnership agreements exist, a partner who puts a sum of money into a firm in excess of the capital he has agreed to subscribe is entitled to _______ interest rate per annum on such money
- A)15%
- B) 10%
- C) 5%
- D) 2%
The simplest form of single entry procedure consists fo keeping a?
- A. day book or general journal
- B. cash book and ledger accounts showing debtors and creditors balances
- C. cash journal, sales journal and purchases journal
- D. day book in which transactions are described in chronological order
What is the ledger entry for sale of generator on credit to Patrick?
- A. credit sales account and debit Patrick
- B. credit generator account and debit cash account
- C. credit sales account and debit cash account
- D. credit generator account and debit Patrick
Given: (i) the consolidation revenue fund balance b/d..N650 000 (ii) issue from contingency fund amount to......N240 000 (iii) amount transferred to contingency fund is.N210 000 What is the consolidation revenue fund balance?
- A. N1, 100 000
- B. N680 000
- C. N440 000
- D. N410 000
Determine the amount chargeable to profit and loss account for electricity from the data below:<br> Opening balance ?40,000<br> Paid during the year ?240,000<br> Closing balance ?100,000<br>
- A) ?300,000
- B) ?340,000
- C) ?100,000
- D) ?240,000