NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?
- A. N20400
- B. N20465
- C. N35695
- D. N19820
(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?
- A. iii and iv
- B. i and ii
- C. i and iii
- D. ii and iii
In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?
- A. N950
- B. N970
- C. N430
- D. N380
In an incomplete record, the preparation of the bank reconciliation ensures that?
- A. all cash taking are banked
- B. the cash book is correct
- C. there are no overdrafts
- D. there are no hidden loans
An entry in a subsidiary book which does not form part of the double entry system is a?
- A. contra entry
- B. journal entry
- C. single entry
- D. memorandum entry
In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?
- A. N950
- B. N970
- C. N430
- D. N380
In preparing the final accounts, the bad debt account is closed by a transfer to the?
- A. balance sheet
- B. provision for bad debt account
- C. profit and loss account
- D. trading account
Given:
Stock (1/4/94) N800
Purchases of flour N2450
Sales N4745
Wages of bakery staff N675
Carriage outwards N50
Salary of administrative staff N225
Stock (31/3/95) N940
Capital N1540
Determine the cost of goods sold?
- A. N2575
- B. N2985
- C. N3250
- D. N3925