Use the information below to answer questions.
Entrance fees…………………….N1200
Subscriptions(including N850 arrears).N4310
Donations received………………..N1500
Proceeds from sales……………….N2300
Total payments……………………N8200
Depreciation……………………..N2100
Closing cash balance………………N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Determine the opening cash balance of the
- A. N3070
- B. N2220
- C. N5710
- D. N4320
Given:
Calculate the surplus income.
- A. N45 000
- B. N44 000
- C. N30 000
- D. N14 000
If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account
- A. N 1400
- B. N6 600
- C. N16 600
- D. N18 600
If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was
- A. N9 000
- B. N20 000
- C. N 1000
- D. N17 000
Determine the value of closing stock using the LIFO method
- A. N2 000
- B. N2500
- C. N4000
- D. N35000
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
- A. N30 000
- B. N50 000
- C. N70 000
- D. N100 000
X represents
- A. bank charges
- B. an unpresented cheque
- C. dividends
- D. an uncredited cheque
What was the bank balance at the end of the month?
- A. N7 000
- B. N6 500
- C. N 7 500
- D. N 9 000
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
- A. N1 600
- B. N4 100
- C. N 6 600
- D. N6 100
Which of the following is a journal as well as a ledger?
- A. Nominal ledger
- B. Sales day book
- C. General ledger
- D. cash book
Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
- A. N4000
- B. N6000
- C. N10000
- D. N8000
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T’s share?
- A. N8000
- B. N2000
- C. N4000
- D. N6000
LOAN IS 30% OF CREDITORS.
What is the capital balance?
- A. N1000
- B. N2 100
- C. N900
- D. N1200
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
- A. N200 000
- B. N240 000
- C. N300 000
- D. N24 000
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
- A. N35 000
- B. N211 000
- C. N5 000
- D. N10 000
Calculate the closing stock under FIFO method
- A. N875
- B. N675
- C. N600
- D. N300
Determine the closing stock under LOFO method
- A. N575
- B. N500
- C. N375
- D. N275
