The original record containing the details of a transaction which serves as a basis for posting is
general ledger
source document
subsidiary book
trial balance
Correct answer is C
No explanation has been provided for this answer.
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?
₦5,480,000
₦6,480,000
₦8,480,000
₦7,380,000
Correct answer is A
No explanation has been provided for this answer.
Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit
cash and credit stationery
purchases and credit stationery
stationery and credit purchases
stationery and credit cash
Correct answer is D
No explanation has been provided for this answer.
Which of the following is a debit item in the purchase ledger control account?
Balance b/d
Cheque dishonoured
Balance c/d
Purchases
Correct answer is C
No explanation has been provided for this answer.
The interest on partner's loan is
credited in current account
debited in profit and loss account
credited in profit and loss account
debited in current account
Correct answer is B
No explanation has been provided for this answer.