Correct Answer: B. N15,000

Explanation

Before calculating the discount received in Dep. B

We need to calculate the percentage of purchases for Dep B

Out of the total purchases

Dep. A purchases 150,000

Dep. B purchases 250,000

400,000 - Total purchases

there4; \(\frac{250,000 \times 24,000}{\text{(Total discount received)}}\) x 400,000

= 15,000

Correct Answer: A. Consolidated Revenue Fund

Explanation

consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead

Correct Answer: A. The accounting entries for goods stolen in branch will be to debit

Explanation

A branch account is a small part of business account operating with some degree of independence . It maintains its own personal/self accounting entries to determine the profit/loss made by a specific period of time. The accounting entries is to debit profit and loss account and credit branch stock. The profit and loss is debited because the cost of the stolen goods must be charged against the profit for the period to balance the account and the branch stock account is credited because the cost of the goods is out of the branch already.

Correct Answer: B. I,II and IV only

Explanation

Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors II,III and IV: disposal of asset does not constitute dissolution

Correct Answer: C. Uncredited cheque

Explanation

Uncredited cheque: This have to be deducted when starting balance as per cash book

Correct Answer: B. carriage outward

Explanation

carriage outward: it is the cost of transporting goods from the company to the buyer. it is on debit side of the profit and loss account because it is an expenses incurred on distributing the goods to customer.

Correct Answer: B. shares

Explanation

Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public

Correct Answer: D. N6850

Explanation

Dr Total Debtors Control A/c Cr

\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \\ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \\ \hline

& \text{Dr. Allowed.....500} \\ \hline & \text{bal c/d.....1,500} \\ \hline 10,850 & 10,850 \\ \hline \text{bal b/d.....1,500} & \end{array}\)

D is correct ?6850 as the sales for the year accordingly to the above calculations

The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.

Correct Answer: A. increased financial activities

Correct Answer: B. ₦2,500

Explanation

\(\begin{array}{c|c} \text{Sales} & & 9000 \\ \hline \text{Stock Jan 1} & 2000 & \\ \hline \text{Purchases} & 4000 & \\ \hline \text{Carriage inwards} & 500 & 6500 \\ \hline \text{Gross profit} & & 2500 \end{array}\)