Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question<br/>Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.<br/>Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

A business is required at par when the?

Given:<br/>cash book item:<br/>Paid to suppliers N10,800<br/>Expenses paid N6,900<br/>Drawings made N900<br/>Balances at start N15,750<br/>Balances at end N3,870<br/>Drawings from bank to shop N1,720<br/>Determine the receipt from debtors?

Given:<br/>Depreciation of plant and machinery N1,600<br/>Factory rent N650<br/>Indirect wages N695<br/>General indirect expenses N726<br/>lubricants N1235<br/>Carriage inwards N829<br/>Factory power N350<br/>Bank charges N612<br/>Carriage outwards N2,900<br/>Determine the total factory overhead cost?

Yola Social Club <br/>Statement of Account 1998 financial year<br/>31/12/98:<br/>Subscription in arrears N21,000<br/>Subscription in advance N12,000<br/>Receipt during 1999: <br/>Arrears 1998 N21,000<br/>Dues 1999 N48,000<br/>Advance 2000 N11,000 <br/>The subscription transferable to the income and expenditure account is?