Given: Opening capital - #50,000 Closing capital - #64,000 Drawings - #16,000 A. #2,000 B. #14,000 C. #20,000 D. #30,000…
1/1/2010 - 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van -…
1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000…
A. purchases day book B. cash book C. income and expenditure account D. sales journal Correct Answer: Option B -…
A. LIFO B. FIFO C. Simple average D. Weighted average Correct Answer: Option B - FIFO Explanation FIFO is a…
Given: Opening capital - #1,500 Capital introduced - # 500 Profit for the year - # 800 Cash drawings -…
Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carriage outwards - #…
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of…
i. The amount of the imprest is the same from one organization to another ii. At the end of a…
A. discount received account and credit Alaka's account B. Alaka's account and credit discount received account C. Saka's account and…