Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800. A provision of 2% was made for…
A. current liabilities B. profit and loss account C. trading account D. current account Correct Answer: Option B - profit…
Given: N6 000 10% preference shares of N0.50 each N6 000 ordinary shares of N1 each Capital reserves N2 700…
A. current account B. capital account C. trading account D. balance sheet Correct Answer: Option B - capital account Explanation…
A. debited in current account B. credited in profit and loss account C. debited in profit and loss account D.…
A. memorandum B. bye-law C. deed D. financial regulation Correct Answer: Option C - deed Explanation A partnership deed, also…
A. sundry debtors' account B. appropriation account C. profit and loss account D. sundry current account Correct Answer: Option B…
A. Savings account B. Current account C. Capital account D. Share capital account Correct Answer: Option B - Current account…
A. bank account and crediting branch stock account B. goods sent to branch account and crediting branch debtors' account C.…
A. bad debt account and crediting branch debtor's account B. expenses account and crediting bank account C. profit and loss…