Accounting Past Questions

Distribution of dividends to shareholders are made from profit 

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