Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}\) The balance of the provision for depreciation account is shown in the

A Trial balance as a debit
B Trial balance as a credit
C Balance sheet as a fixed asset
D Balance sheet as a ling term liability
E Balance sheet as a current liability

Question 1317:

Use the following information to answer the given question: Issued capital.................100,000 Ordinary shares................40,000 Preference shares..............30,000 Reserves.......................10,000 Debentures.....................60,000 Current........................150,000 Fixed assets...................90,000 Current assets.................240,000 What is the total of Net Assets of the business?

A N200,000
B N180,000
C N160,000
D N150,000
E N140,000

Question 1318:

Use the following information to answer the given question: Issued capital.................100,000 Ordinary shares................40,000 Preference shares..............30,000 Reserves.......................10,000 Debentures.....................60,000 Current........................150,000 Fixed assets...................90,000 Current assets.................240,000 What is the capital attributable to the equity shareholders?

A N130,000
B N140,000
C N170,000
D N180,000
E N240,000

Question 1319:

Use the following information to answer the given question: Issued capital.................100,000 Ordinary shares................40,000 Preference shares..............30,000 Reserves.......................10,000 Debentures.....................60,000 Current........................150,000 Fixed assets...................90,000 Current assets.................240,000 What is the total of the loan capital of the business?

A N10,000
B N30,000
C N40,000
D N60,000
E N70,000

Question 1320:

Use the following information to answer the given question: Issued capital.................100,000 Ordinary shares................40,000 Preference shares..............30,000 Reserves.......................10,000 Debentures.....................60,000 Current........................150,000 Fixed assets...................90,000 Current assets.................240,000 What is the working capital?

A N90.00
B N5.00
C N40.00
D N30.00
E N2.00