Accounts - Principles of Accounts Past Questions and Answers

Given:
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?

A N64 300
B N46 825
C N41 850
D N33 325

Question 7:

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

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

Question 8:

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?

A I and v
B Ii and iv
C Ii and vi
D Iii and iv

Question 9:

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

A I and ii
B I and v
C Ii and iv
D Iii and v

Question 10:

Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?

A N71 250 credit
B N71 250 debit
C N95 000 credit
D N95 000 debit