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Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400
The balance of the purchases ledger control account is?
AN10390
BN9990
CN9590
DN9010
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Question 42
jamb2005
The item that are contained in the bought ledger control account are?
Adiscount allowed, bad debts and purchases
Bdishonoured cheques, returns inwards and sales
Creturns outwards, bad debts outewards and sales
Ddiscount received, returns outwards and purchases
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Question 43
jamb2005
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?
AN96 000
BN48 000
CN36 000
DN24 000
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Question 44
jamb2005
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?
AN12 000
BN60 000
CN72 000
DN84 000
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Question 45
jamb2005
Goods withdraw from business for private use are credited to?
Adrawings
Bpurchases
Csales
Dcapital
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Question 46
jamb2005
Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
AN800
BN1000
CN1800
DN2000
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Question 47
jamb2005
A rent received by a trader for sub-letting part of his business premises should be added to the?
Agross profit
Btotal profit
Cnet profit
Dtotal revenue
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Question 48
jamb2005
In a three-column cash book,the discount allowed is shown on the?
Adebit side
Bcredit side
Cfolio column
Dmemorandum column
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Question 49
jamb2005
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
