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Where the head office maintains all books of account, the cost of goods returned is credited to
Which of the following items will be recorded on the credit side of a club's income and expenditure account?
Shares which are issued at no cost to existing shareholders in proportion to existing shares held are
Use the following information to answer this question.
D
Purchases of motor van 370,000
Building of laboratories 760,000
Purchase of drugs 110,000
Electricity 26,000
Repair of equipment 10,000
The capital expenditure is
Use the following information to answer this question.
D
Purchases of motor van 370,000
Building of laboratories 760,000
Purchase of drugs 110,000
Electricity 26,000
Repair of equipment 10,000
The amount of recurrent expenditure is
One of the columns in a single column cash book is
The proportion of the issued capital to be paid later is
Use the following information to answer this question.
Ade bought goods worth le 30,000 from Ode and was given a 7.5% discount.
The amount paid for the goods is
Use the following information to answer this question.
Ade bought goods worth le 30,000 from Ode and was given a 7.5% discount.
The evidence of payment for the goods Ade bought is the
Liquid assets refer to
A partner who has not contributed any form of capital into the firm but only lends his name to be used as a partner is a
The owner's claim on the asset of a business is
The equivalent of income and expenditure account in a limited liability company is
Errors in the trial balance are corrected using the
Purchased goodwill is purchase consideration less the value of
Use the following information to answer this question.
Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed:
Taiyelolu Ejire
# #
Capital accounts (1/1/2023) 200,000 100,000
Current accounts (1/1/2023) 40,000 80,000
Drawings within the year 20,000 30,000
Annual salaries 28,000 24,000
Interest on capital is agreed at 10% and the net profit for the year is # 120,000.
Taiyelolu's balance of current account at the end of the year is
Use the following information to answer this question.
Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed:
Taiyelolu Ejire
# #
Capital accounts (1/1/2023) 200,000 100,000
Current accounts (1/1/2023) 40,000 80,000
Drawings within the year 20,000 30,000
Annual salaries 28,000 24,000
Interest on capital is agreed at 10% and the net profit for the year is # 120,000.
Ejire's share of profit is
Use the following information to answer this question.
Taiyelolu and Ejire are partners sharing profits or losses equally. Extracts from their books showed:
Taiyelolu Ejire
# #
Capital accounts (1/1/2023) 200,000 100,000
Current accounts (1/1/2023) 40,000 80,000
Drawings within the year 20,000 30,000
Annual salaries 28,000 24,000
Interest on capital is agreed at 10% and the net profit for the year is # 120,000.
The interest on Taiyelolu's capital is
A credit purchase of D 63 from Kofi has been entered in he accounts as D 16. This is an error of
Use the following information to answer this question.
GH¢
Trade creditors 1/1/2022 35,000
Payment to suppliers in 2022 30,000
Discounts received 1,800
Trade creditors 31/12/2022 24,000
The balance sheet as at 31/12/2022 will show current liability of