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An advantage of FIFO method of stock valuation is that
Dr. Sales Ledger Control Account . Cr
| ₦ |
₦ |
||
| Bal b/f | 3,250 | Bal b/f | 125 |
| Sales | 19,075 | Bank | 16,387.50 |
|
Dishonoured cheque |
625 | Discount |
862.50 |
|
Stopped cheque |
250 | Returns inwards | 325 |
| Bal c/d | 230 | Set off | 900 |
| Bal c/d | 4740 | ||
| 23430 |
23430 |
||
| Bal b/d | 4740 | Bal b/d | 230 |
The amount ₦19,075 represents
| ₦ |
₦ |
||
|
Bal. b/f |
3,250 | Bal. b/f. | 215 |
|
Sales |
19,075 | Bank |
16,387.50 |
|
Dishonoured cheque |
625 | Discount | 862.50 |
|
Stopped cheque |
250 | Returns inwards | 325 |
|
Bal c/d |
230 | Set off | 900 |
| Bal c/d |
4740 |
||
| 23,430 |
23430 |
||
|
Bal b/d |
4740 | Bal b/d | 230 |
Dr. Sales Ledger Control Account . Cr
The amount ₦16,378.50 described as "Bank" represents
In manufacturing, depreciation of office machine is charged to
Discount allowed is enjoyed by
When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
The main purpose of transaction file is?
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
An evidence of payment issued to a government ministry by a revenue collector is
Which of these is not method of stock valuation?
|
₦ |
|
|
Plant and Machinery |
190000 |
|
Motor Vehicle |
170000 |
| Stock | 60000 |
|
Current Liabilities |
50000 |
|
Purchase consideration |
40000 |
The goodwill is?
One of the options below have the same features as the profit and loss account in non-profit organization
Capital for a profit making organization is generated through
Salaries in arrears is treated in the balance sheet as a
Which of these is not a subsidiary books?
The effect of transaction when cash is paid into the bank is?
Which of the following is used to service all operations of government?
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book
The features of receipts and payment account includes:
Given:
I. Cash refunds
II. Debit note issued
III. Dishnoured cheque
IV. Purchases
The item on the credit side of purchase ledger control account includes