Accounts - Principles of Accounts Past Questions and Answers

Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.

A N40,935
B N27,961
C N26,685
D N1,185

Question 22:

Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400

A N7,200
B N98,800
C N100,000
D N105,800

Question 23:

Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800

A N6,800
B N153,000
C N154,200
D N159,800

Question 24:

The statement of affairs prepared from incomplete records can be described as?

A The summary of all the business transactions of the trader ascertained by the accountant
B A balance sheet at a particular date showing the assets and liabilities of the business
C A schedule of all the business ventures entered into for the period to which the records relates
D The statement that shows the profit or loss made during the period

Question 25:

The contribution marginal on a job is the?

A Gross profit
B Net profit
C Excess of sales revnue over variable costs
D Difference between fixed and variable costs