Branch debtor's account and credit head office account
Head office account and credit branch stock account
Branch stock account and credit branch debtors' account
Branch cash account and credit branch stock account
Correct answer is C
Debit branch stock account (stock have increased by what was returned) and credit branch debtors' account.
N7000 loss
N5000 loss
N5000 profit
N7000 profit
Correct answer is A
No explanation has been provided for this answer.
The summary of receipts and payments account represent?
Cash at hand
Journal proper
General journal
Ledger accounts
Correct answer is A
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. It represents the actual cash at hand.
The equivalent of a club's receipts and payment account is the?
Trading account
Revenue account
Cash account
Suspense account
Correct answer is C
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. Its equivalent is a cashbook.
In the not-for-profit-making organization, the excess of income over expenditure is?
Deducted from the capital
Added to the accumulated fund
Added to the capital
Deducted from the the accumulated fund
Correct answer is C
Surplus is the excess of income over expenditure. A credit balance in the Income and expenditure account shows surplus. It is the profit earned and should be added to the capital fund on the liabilities side of the balance sheet