Accounts - Principles of Accounts Past Questions and Answers

An income and expenditure account is a summary of

A All income and expenditure during a period
B Revenue income and expenditure during a period
C Receipts and payments during a period
D The trading income a period

Question 122:

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60
Subscription relating to the accounting year 1993 in the income and expenditure account is

A N 15 050
B N 14 550
C N14 300
D N 13 400

Question 123:

Accumulated fund on 1st January 1993 is

A N 8 570
B N8 470
C N 850
D N7 520

Question 124:

On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be

A Borne by all the partners
B Borne by the insolvent partner
C Written off
D Borne by the solvent partners

Question 125:

A company has 5% debentures worth N500 000 ordinary share capital N 2 000 000, and preference shares N1500 000. if the company made a profit of N 1 000 000, the debenture interest would amount to

A N 1 000 000
B N 500 000
C N 50 000
D N 25 000