N45,000
N39, 000
N35,000
N46,000
Correct answer is B
Capital + Additional capital - Drawings - net loss
35,000 +10,000 - 2500 - 3500 = 39,000
Which of the following condition would attract credit and debit notes to be used?
When goods are received from supplier
When a trial balance is extracted
When a buyer is under or over charged
When goods are sold to a buyer
Correct answer is C
Debit note is usually issued by the purchaser andcredit note is usually issued by the seller. But debit note can be issued by the seller when the buyer erroneously records more and credit note can also be issued by the buyer when the seller undercharges the buyer.
The effect of overstating revenue expenditure in the profit and loss account is that the
Opening stock will be increased
Net profit will be understand
Net profit will be overstead
Opening stock will be decreased
Correct answer is B
As a general rule, an increase in any type of business expense lowers profit. overstating expenditure would decrease or understate the net profit
The documents that provide instant information to firms on their tranactions with banks are
Bank statement and debit note
Cheque book and cashbook
Cheque stub and deposit slip
Payslip and credit invoice
Correct answer is A
Bank statement is a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
A debit note is a document sent by a buyer to seller or in other words a purchaser to a vendor notifying that a debit has been made to their accounts. A debit memo on a company's bank statement refers to a deduction by the bankfrom the company's bank account. In other words, a bank debit memo reduces the bank account balance similar to a check drawn on the bank account.
An item in the balance sheet of a limited liability company is
Accrued expenses
Lighting and heating
Salaries and wages
General expenses
Correct answer is A
Accrued expense is expense which has been incurred but not yet paid. Expense must be recorded in the accounting period in which it is incurred. Therefore, accrued expense must be recognized in the accounting period in which it occurs rather than in the following period in which it will be paid.
It can be found on the liabilities part of a balance sheet of a limited liability company