The corresponding entry of personal accounts found in the debit side of the cashbook is to
Credit real accounts
Credit the ledger
Debit real accounts
Debit the ledger
Correct answer is B
No explanation has been provided for this answer.
The two legally recognized professional accounting bodies in Nigeria are the
Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
Correct answer is C
No explanation has been provided for this answer.
The formular for calculating depreciation using straight line method is
Cost-scrap value/useful life
Scrap value+sales/useful life
Sales-scrap value/useful life
Purshases+sales/useful life
Correct answer is A
No explanation has been provided for this answer.
The issued share capital is the number of shares that are
Shared among the directors
Authorised by the shareholders
Fully subscribed
In the share certificate
Correct answer is B
The issued share capital is the number of shares that are
55,000
82,500
27,500
50,000
Correct answer is B
Firstly, convert margin to mark-up i.e, 33 \(\frac{1}{3}\)% = \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50% Secondly, Cost of goods sold = Opening stock + Purchases - Closing Stock C.p = 7,000 + 60,000 - 12,000 C.p = ₦55,000 Thirdly, Profit = 50% × 55,000 = ₦27,500 Therefore, Sales = Cp + P ⇒ 55,000 + 27,500 = ₦82,500