The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If the provision is to at ½% of debtors, how much would be charged in the profit and loss account?
A. ₦3,500 B. ₦2,500 C. ₦1,500 D. ₦1,000 Correct Answer: Option C C. ₦1,500
What was the gross profit?
Use the following information to answer the question ₦ Opening stock 40,000 Purchases 130,000 Closing stocks 32,000 sales 180,000 A. ₦8,000 B. ₦50,000 C. ₦42,000 D. ₦10,000 Correct Answer: Option C C....
What was the cost of goods sold?
Use the following information to answer the question ₦ Opening stock 40,000 Purchases 130,000 Closing stocks 32,000 sales 180,000 A. ₦170,000 B. ₦138,000 C. ₦130,000 D. ₦122,000 Correct Answer: Option B B....
Which of the following is an item of prime cost?
A. royalties payable B. factory salaries C. depreciation of plant D. rent of factory building Correct Answer: Option A A. royalties payableProducts
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