Accounts - Principles of Accounts Past Questions and Answers

Which of the following is a debit item in the purchase ledger control account?

A Balance b/d
B Cheque dishonoured
C Balance c/d
D Purchases

Question 2782:

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

A Cash and credit stationery
B Purchases and credit stationery
C Stationery and credit purchases
D Stationery and credit cash

Question 2783:

Given: Lankoh Company Ltd ₦ Stock 3,600,000 Cash at hand 800,000 Cash in bank 2,400,000 Debtors 580,000 Trade creditors 920,000 Bank overdraft 200,000 Tax liabilities 600,000 Salary owed to staff 180,000 What is the working capital?

A ₦5,480,000
B ₦6,480,000
C ₦8,480,000
D ₦7,380,000

Question 2784:

A source document is used for verifying the

A Amount due from debtors
B Amount due to creditors
C Selling price of goods
D Actual cost of an asset

Question 2785:

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A ₦130,000
B ₦75,000
C ₦80,000
D ₦125,000