Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

• A. N32,000
• B. N40,000
• C. N42,000
• D. N50,000

Use the following information to answer the question

The balance c/d on trade creditors will be recorded in the balance sheet as

• A. current asset
• B. short-term liability
• C. long-term liability
• D. fixed asset

Which of the following items are current assets?

• A. Stock, bills receivable, cash and debtors
• B. Stock, bill payable, cash and debtors
• C. Stock, bad debt, bills receivable and cash
• D. Stock, work-in-progress, cash and bills payable

Use the information below to answer question .

Capital ...................N2000

Bank ......................N1200

Purchase ..................N2500

Sales .....................N6700

Stock .....................N1300

Creditors .................N1000

Fixed assets...............N3700

Drawings ..................N?

Drawings are always estimated at 50% of capital.

The trial balance total is?

• A. N9700
• B. N8700
• C. N7900
• D. N7800

The ordinary shareholders enjoy the following right except the right to

• A. receive dividends at a predetermined rate
• B. vote at annual general meetings
• C. elect the board of directors
• D. participate in additional issues of shares

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

• A. used to pay all taxes due to government
• B. used to start a new partnership business by members who are willing
• C. shared equally by the existing partners
• D. used in paying the debts and liabilities of the firm to persons who are not partners

Which of the following assets could be described as a current asset?

• A) Stock of goods for resale
• B) Machinery to manufacture goods for resale
• C) Buildings to house the machinery
• D) Land on which the buildings stand

If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?

• A. #130,000
• B. #125,000
• C. #80,000
• D. #75,000

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

• A. #4,500
• B. #8,550
• C. #9,000
• D. #9,450

Use the information below to answer questions.

Entrance fees.........................N1200

Subscriptions(including N850 arrears).N4310

Donations received....................N1500

Proceeds from sales...................N2300

Total payments........................N8200

Depreciation..........................N2100

Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.

Determine the opening cash balance of the

• A. N3070
• B. N2220
• C. N5710
• D. N4320