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If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

by Sunday | Dec 5 | Accounting JAMB

A. N 1400 B. N6 600 C. N16 600 D. N18 600 Correct Answer: Option A – N 1400

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

If cheques of N40000 were received but a cheque of N8000 was dishonoured; the amount owed was?

by Sunday | Dec 5 | Accounting JAMB

A. N9 000 B. N20 000 C. N 1000 D. N17 000 Correct Answer: Option C – N 1000

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

by Sunday | Dec 5 | Accounting JAMB

A. N20 B. N40 C. N400 D. N200 Correct Answer: Option A – N20

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

Calculate the total amount on the credit side of the trial balance?

by Sunday | Dec 5 | Accounting JAMB

Given: Bank overdraft…………..N2000 Cash……………………N2000 Furniture……………….N4000 A. N4000 B. N2000 C. N6000 D. N8000 Correct Answer: Option B –...

If the discount allowed is 2.5% of sales; calculate the closing balance in the sales ledger account.

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed; what would be the effect of this transaction on the accounting equation?

by Sunday | Dec 5 | Accounting JAMB

A. A decrease in the total assets by N5000 B. An increase in the total liabilities and owners’ equity by N15 000 C. An increase in the total assets by N15 000 D. A decrease in owners’ equity by N5000 Correct Answer: Option A – A decrease in the total...

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