The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
Given: ………………………….Jan. 2003………Dec. 2003 Provision for bad debt……..N1000...
A rent received by a trader for sub-letting part of his business premises should be added to the?
A. gross profit B. total profit C. net profit D. total revenue Correct Answer: Option A – gross profit
In a three-column cash book; the discount allowed is shown on the?
A. debit side B. credit side C. folio column D. memorandum column Correct Answer: Option A – debit side
What was the balance of cash with the petty cashier at a the end of period 1?
Five hundred naria monthly is allowed on an imprest system. The following transactions took place. Period1: Cash advanced to petty cashier……N500 Petty cashier paid out: stamp…….N200...Products
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