Given:

Bank overdraft..............N2000

Cash........................N2000

Furniture...................N4000

Calculate the total amount on the credit side of the trial balance?

• A. N4000
• B. N2000
• C. N6000
• D. N8000

Fixed assets N85,600 Sales N197,000

Stock N34,300

Salaries N37,000

Purchases N127,700

Share capital N120,000

Creditors N16, 050

Motor expenses N10,500

Debtors N25,000

Determine the total of the trial balance?

• A. N335,050
• B. N333,050
• C. N323,050
• D. N230,550

Use the following information to answer the question below The cash in hand on 30th June is Options

• A) ?8,880
• B) ?8,312
• C) ?6,568
• D) ?2,312

a. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application

D 3 on Allotment

D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received

(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied

(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

Share Application Account

b. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application

D 3 on Allotment

D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received

(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied

(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

Allotment Account

c. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application

D 3 on Allotment

D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received

(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied

(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

First and Final call Account

d. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application

D 3 on Allotment

D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received

(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied

(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

Bank Account

e. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:

D 6 on Application

D 3 on Allotment

D 1 on the First and Final call

450,000 applicants were received with application monies. The directors decided to:

(i) reject 50,000 applications and return the monies received

(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied

(iii) credit the excess application monies to allotment

All the calls were made and monies received accordingly.

You are required to prepare the following Ledger Accounts:

Ordinary Share Capital Account

Use the information below to answer question

Capital.................................N60 000

Bank....................................N12 500

General expenses........................N5 250

Creditors...............................N17 000

Stock...................................N98 500

Fixed assets............................N42 000

Insurance and rates.....................N18 800

Purchase................................N63 850

Determine the total of the trial balance?

• A. N123 325
• B. N160 050
• C. N166 525
• D. N326 575

What is the total income for the period?

• A. N13,890
• B. N13,500
• C. N10,500
• D. N9,500

Use the information below to answer question . Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided. Find the total amount paid?

• A. N260
• B. N300
• C. N200
• D. N380

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

• A. N104,000
• B. N128,000
• C. N136,000
• D. N144,000

Use the information to answer this question

Payment to creditors #12,250

Creditors at start #550

Creditors at end #830

What us the amount of purchase

• A. #11,970
• B. #11,000
• C. #1,250
• D. #12,053

When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except

• A. uncredited cheque
• B. credit transfer
• C. dividend
• D. unpresented cheque