Financial Past Questions And Answers
- A. N5 780
- B. N5 70
- C. N6 580
- D. N7 930
Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400
The balance of the purchases ledger control account is?
- A. N10390
- B. N9990
- C. N9590
- D. N9010
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is #70000 and current balance is #50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is #100000 and current balance is #40000. He made no drawings during the period. What is the interest on the drawings of Tea?
- A. #705
- B. #500
- C. #1000
- D. #10000
Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.
- A. #225,000
- B. #236,250
- C. #247,500
- D. #202,500
Show how the following transaction will be recorded applying the double-entry principle: Rent #50,000 was paid by Mr. Roi to his landlord on 1st July 2017 by cheque.
- A. Dr Rent A/c; Dr Bank A/c
- B. Dr Bank A/c; Cr Rent A/c
- C. Dr Rent A/c; Cr Bank A/c
- D. Dr Rent A/c; Cr Mr. Roi
what is the gross profit margin?
- A. N100%
- B. N50%
- C. N40%
- D. N30%
The balance unearned rent account for Jones Co. as at 31st Dec. is 1,200. If Jones Co tailed !o record the adjusting entry for 600 of rent earned during December, the effect on the balance sheet and income statement for December is:
- A) Liabilities overstated: ?600; net income overstated: ?600
- B) Liabilities understated: ?600; net income understated ?600
- C) Asset understated: ?600; net income overstated ?600
- D) Liabilities overstated ?600; net income understated ?600
Use the following information to answer the question
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
Construction of hospital wards | 200,000 |
Purchase of hospital beds | 20,000 |
Purchase of stationeries | 15,000 |
Salaries and wages | 60,000 |
Purchase of drugs | 50,000 |
Purchase of x-ray machine | 100,000 |
The recurrent expenditure for the year is
- A. Le 370,000
- B. Le 125,000
- C. Le 320,000
- D. Le 445,000
The main objective of the financial statements is to
- A) provide a true and fair view of the financial position of the business
- B) help mangers take correct decisions
- C) show every transaction affects two items in the balance sheet
- D) help owners of a business to plan for the future
The similarities between Receipts and payments and income and expenditure account is
- A. Both accounts follows the principle of double entry
- B. They are summaries of financial statements
- C. Both include capital items
- D. Both are prepared by non-profit making concern