Accounting

The rate of the yearly depreciation expense would be?

Use the information below to answer questions . On January 1/2005, a machine was bought for N56,000 to last for…

5 years ago

Calculate the yearly depreciation expense using the straight line method.

Use the information below to answer questions . On January 1/2005, a machine was bought for N56,000 to last for…

5 years ago

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. stock account and credit profit and loss account B. drawings account and credit stock account C. profit and loss…

5 years ago

Determine the opening cash balance of the?

Entrance fees.........................N1200 Subscriptions (including N850 arrears). N4310 Donations received....................N1500 Proceeds from sales...................N2300 Total payments........................N8200 Depreciation..........................N2100 Closing cash balance..................N1110 The club…

5 years ago

Calculate the surplus income.

A. N45 000 B. N44 000 C. N30 000 D. N14 000 Correct Answer: Option D - N14 000

5 years ago

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

A. N 1400 B. N6 600 C. N16 600 D. N18 600 Correct Answer: Option A - N 1400

5 years ago

If cheques of N40000 were received but a cheque of N8000 was dishonoured; the amount owed was?

A. N9 000 B. N20 000 C. N 1000 D. N17 000 Correct Answer: Option C - N 1000

5 years ago

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

A. N20 B. N40 C. N400 D. N200 Correct Answer: Option A - N20

5 years ago

Calculate the total amount on the credit side of the trial balance?

Given: Bank overdraft..............N2000 Cash........................N2000 Furniture...................N4000 A. N4000 B. N2000 C. N6000 D. N8000 Correct Answer: Option B - N2000

5 years ago

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed; what would be the effect of this transaction on the accounting equation?

A. A decrease in the total assets by N5000 B. An increase in the total liabilities and owners' equity by…

5 years ago
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