Which of the following is a contra entry?
- A. lodgement of cheques into bank account
- B. Loggement of cash in hand into bank account
- C. withdrawal of cash for private use
- D. treatment of discount receivd in the cash book
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is
- A. N6,000
- B. N3,250
- C. N2,000
- D. N1,250
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?
- A. N3,375
- B. N2,625
- C. N2,000
- D. N1,875
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?
- A. N8,500
- B. N6,625
- C. N6,500
- D. N6,000
Carriage outwards is charged to
- A. trading account
- B. appropriation account
- C. purchases account
- D. profit and loss account
Carriage outwards is charged to
- A. credited to the trading account
- B. debited to the profit and loss account
- C. credited to the profit and loss account
- D. credited to the appropriation account
Discount received is
- A. credited to the trading account
- B. debited to the Profit and Loss Account
- C. credited to the Profit and Loss Account
- D. credited to the Appropriation Account
Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include
- A. bank charges
- B. standing order
- C. presented cheque
- D. interest overdraft
Errors in the ledger can be corrected through
- A. journal proper
- B. sales day book
- C. purchases day book
- D. control account