In a sales ledger; contra entry is found on the?
A. debit side of the debtors’ control account B. debit side of the crebtors’ control account C. credit side of the debtors’ control account D. credit side of the credtors’ control account Correct Answer: Option C – credit side of the...
At the year end, the purchases ledger showed a debit balance of N108. The total on the debit side of the purchases ledger control account will be?
Opening balance………………………..N10,640 Purchases……………………………..N26,912 Returns inwards………………………..N492...
The balancing figure in the purchases ledger control account is?
A. N15,828 B. N15,720 C. N14,940 D. N14,694 Correct Answer: Option D – N14,694
Where closing stock is undervalued; the effect is?
A. an increase in gross profit B. a decrease in gross profit C. an increase in purchases D. a decrease in purchase Correct Answer: Option B – a decrease in gross profitProducts
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