Accounts - Principles of Accounts Past Questions and Answers

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

A ₦250
B ₦570
C ₦850
D ₦600

Question 1372:

Given ₦
Stock (1/4/94) 800
Purchases of flour 2,450
Sales 4,745
Wages of bakery staff 675
Carriage outwards 50
Salary of administrative staff 225
Stock (31/3/95) 940
Capital 1,540
Calculate the cost of goods sold.

A ₦3,925
B ₦3,250
C ₦2,985
D ₦2,575

Question 1373:

In a control account, provision for bad debts is found on the

A Credit side of the sales ledger control account
B Debit side of the purchases ledger control açcount
C Debit side of the sales ledger control account
D Credit side of the purchases ledger control account

Question 1374:

The rule of accounting equation requires that account payable should be placed under

A Equities
B Assets
C Capital
D Liabilities

Question 1375:

Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
How much should the petty cashier receive after period 2?

A ₦150
B ₦350
C ₦250
D ₦500