\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?
- A. ₦4,350
- B. ₦6,000
- C. ₦5,150
- D. ₦4,000
You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except
- A. Unpresented
- B. Dividend
- C. Uncredited cheque
- D. credit transfer
Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes
- A. I,II and III only
- B. I and II only
- C. III and IV only
- D. I, III and IV only
In manufacturing account, depreciation of office machine is charged to
- A. trading account
- B. appropriation account
- C. balance street
- D. profit and loss account
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
- A. trading account
- B. appropriation account
- C. balance sheet
- D. profit and loss account
Capital for a profit making organization is generated through
- A. Subscription
- B. shares
- C. donation
- D. gift
Which of these accounts is dissolution expenses credited?
- A. partners capital account
- B. revaluation account
- C. partners current account
- D. Realization account