Use the information below to answer this question
Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.

Determine the closing capital 31/12/2014

Which of the following is not a feature of accounting information?

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

The following accounting entries are made when
bad debt is recovered

Goods stolen at the branch is debited to

The following account are prepared when goods are sent to branch except

If sales return is understated, it implies that ------------------------------ is overstated

An entry in a subsidiary book which does not form part of the double entry system is a

Capital reserves includes the following except

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.
Calculate his purchases.

Use the information below to answer this question.
Dangote acquired Dantata’s business for N350,000.
The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

Which of the following is not a proper form of the accounting equation

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000

Which of the following is shown in the profit and loss appropriation account of a company

The major distinguishing element between the final account of a partnership and that of a sole trader is the

The purpose of a trading account is to ascertain

An expenses is said to be revenue in nature if it

Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

Which of the following is a debit entry in debtors control account?

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000

What is the club’s total liabilities

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

Which method of pricing can be used satisfactorily in either rising or falling price situation?

When the invoice of a customer is overcast, the supplier will send to him a

Which of the following cannot be realized?

When shares are sold at more than the per value, they are said to have been issued at

The loss made by a non profit making organization is called

Keeping records under single entry system has the advantage of

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

If a trail balance is in agreement, one of the statement is untrue

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

What is the ledger entry for sale of generator on credit to Patrick?

The income and expenditure account of a club is the same as

In a bank reconciliation statement, Dishonoured cheques is added to

Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

Income and expenditure account is more detailed than receipts and payments account because it disclosed

Which of the following accounts is debited when a delivery van is sold for cash?

To realize an asset means to

An advantage of using accounting ratios is that