Accounts - Principles of Accounts Past Questions and Answers

Carriage outwards is charged to

A Credited to the trading account
B Debited to the profit and loss account
C Credited to the profit and loss account
D Credited to the appropriation account

Question 1757:

Carriage outwards is charged to

A Trading account
B Appropriation account
C Purchases account
D Profit and loss account

Question 1758:

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?

A N8,500
B N6,625
C N6,500
D N6,000

Question 1759:

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

A N3,375
B N2,625
C N2,000
D N1,875

Question 1760:

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

A N6,000
B N3,250
C N2,000
D N1,250