Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns…
A. bad debt B. trade discount C. premium D. cash discount Correct Answer: Option B - trade discount
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed…
Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed…
A. capital receipt B. revenue receipt C. windfall receipt D. miscellaneous receipt Correct Answer: Option A - capital receipt
Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank…
A. surrendered B. cashed C. discounted D. accepted Correct Answer: Option C - discounted
In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much…
A cash book had opening balance of N15,200 closing balance of N18,400 and total cash received during the period N36,000.…
Hauwa Ltd bought 10bags of rice for N500 each. The company was given 5% AND 12% trade and cash discounts…