The total cash and cheques received from customers in a control account is derived from the
Purchases day book
Cash book
Income and expenditure account
Sales journal
Correct answer is B
No explanation has been provided for this answer.
What type of stock valuation would a vegetable seller adopt in valuing it's product?
LIFO
FIFO
Simple average
Weighted average
Correct answer is B
FIFO is a method of stock valuation that stands for 'First-In, First-Out'. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold. This is also suitable for perishable items
#2,550
#2,500
#2,350
#2,250
Correct answer is A
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550
#17,000
#23,000
#26,000
#30,000
Correct answer is C
Expenses debited to the profit and loss account would be;
Expenses + carriage outwards
20,000 + 6000 = 26000
#100,000
#86,000
#82,000
#76,000
Correct answer is A
sales 232,000
Add: disc. received 18,000
opening stock 28,000
+ purchase 128,000
cost of gds. avail. for sale 156,000
Less:closing stock 10,000
Cost of gds sold 146,000
Add Carriage inwards 4000 150000
Gross profit 100,000