Which of the following expenses is NOT apportined in proportion to turnover?

• A. rent
• B. commission
• C. discount allowed
• D. carriage outwards

1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Calculate the closing capital

• A. #8,700
• B. #9,500
• C. #9,700
• D. #10,700

The major festure of not-for-profit-making-organization is that they are formed?

• A. to use accumulated fund to described the net amount owed to members
• B. mainly to improve the welfare of her member
• C. to engaged in trading activities to sponsor its activities
• D. in order to compute the receipts and payment account

When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

• A. uncredited cheques
• B. dishonoured cheques
• C. direct remittance to the bank
• D. unpresented cheques

Use the information below to answer this question

₦

Total current assets 2000

Total fixed assets 4000

Current liabilities 1200

Drawings 200

Long term loan 2000

What is the net working capital?

• A. ₦1800
• B. ₦800
• C. ₦2600
• D. ₦600

An evidence of payment issued to a government ministry by a revenue collector is

• A. treasury card
• B. payment voucher
• C. treasury receipt
• D. receipt voucher

a. The following is the trial balance of Abete Trading Company as at 31st December 2020:

Additional information

(i) Stock in hand on 31st December 2020 was Le 4,000

(ii) Investigation revealed the following errors which necessitated the opening of suspense account:

- Drawings of Le 1,000 was posted to salaries and wages account

- Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300

- Purchases day book was undercast by Le 2,000

- Discount allowed of Le 200 to a customer had not been posted to the customer's account

(iii) Depreciation of fixed assets is 10% per annum.

You are required to:

Correct the errors through journal entries (no narration is required).

b. The following is the trial balance of Abete Trading Compnay as at 31st December 2020:

Additional information

(i) Stock in hand on 31st December 2020 was Le 4,000

(ii) Investigation revealed the following errors which necessitated the opening of suspense account:

- Drawings of Le 1,000 was posted to salaries and wages account

- Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300

- Purchases day book was undercast by Le 2,000

- Discount allowed of Le 200 to a customer had not been posted to the customer's account

(iii) Depreciation of fixed assets is 10% per annum.

You are required to:

Prepare Trading, Profit and Loss Account for the year ended 31st December, 2020

The excess of income over expenditure is usually transferred to the

• A. current assets in the balance sheet
• B. profit and loss account
• C. accumulated fund
• D. current liabilities in the balance sheet

A fire on 31 July destroyed some a company's inventory records. The following information is available Inventory 1 July: ?318,000 Sales for July: ?612,000 Purchase for July: ?412,000 Inventory in good condition at July, 2014: ?214,000 Standard gross profit percentage is sales is 25%. Based on this information, what is the value of the inventory lost?

• A)?96,000
• B)?271,000
• C)?26,400
• D)?57,000

The transaction that completes its double entry in the same ledger account appears in?

• A. cash account and personal account
• B. bank account and general ledger
• C. discount received and discount allowed
• D. cash account and bank accont