Accounting Questions and Answers

Zahki Plc balance sheet (extract) as at 31st December 1997.                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
                                                           Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
                                                           Bank                     100,000
                                        755,000                                   755,000     

The quick ratio is

When allotment of shares is made applicants for shares of a company become

The corresponding entry of personal accounts found in the debit side of the cashbook is to 

Opening stock---------2,300
Purchases-------------11,874
Sales--------------------18,600
Closing stock-----------3,600
Cost of goods sold---11,500

What is the rate of stock turnover?

The two legally recognized professional accounting bodies in Nigeria are the