Accounts - Principles of Accounts Past Questions and Answers

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?

A N563 440
B N687 940
C N363 440
D N524 500

Question 37:

In converting a to a partnership company, the loss on asset revaluation is?

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

Question 38:

Determine the opening cash balance of the club?

A N3 070
B N2 220
C N5 710
D N4 320

Question 39:

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?

A N35 000
B N211 000
C N5 000
D N10 000

Question 40:

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be

A N200 000
B N240 000
C N300 000
D N24 000