Calculate the cash balance after the discount.
N2,760
N4,300
N6,200
N2,400
Correct answer is A
cash balance = debit side of the cash column - credit side of cash column. Hence we have;
Discount allowed = 0.02 x 2000 = 40
Debit column = 3000 + 1000 + 2000 + 200 = 6200
6200 - 40 (cash discount) = 6160
credit column = 200 + 3000 + 200 = 3400
6160 - 3400 = 2760
If Fatima was granted a discount of 2% what will be discount allowed?
N20
N40
N60
N4
Correct answer is B
Fatima cash purchase = 2000
Discount allowed = 2%
2/100 x 2000 = 40
When Your Silence Is Loud..& Your Eyes Speaking Volumes..
Calculate the value of credit sales.
N484,000
N448,000
N584,000
N558,000
Correct answer is B
160/100 x 280,000
1.6 x 280,000 = 448,000
credit sales = 448,000
Credit sales is given at 160% of cash received.
What is the balance c/d? debit 64300
N333,000
N234,000
N343,000
N243,000
Correct answer is D
Credit sales = 160% x 280,000 (cash receivable)
160/100 x 280,000
1.6 x 280,000 = 448,000
credit sales = 448,000
Bal c/d = debit side - credit side of the account. Hence we have;
Debit side = 87,000 + 488,000 + 58,000 + 50,000 = 643,000
credit side = 40,000 + 50,000 + 280,000 + 30,000 = 400,000
643,000 - 400,000 = 243,000
Bal c/d = 243,000
How much selling and distribution expenses is apportioned to department M?
N800
N600
N400
N1800
Correct answer is A
Department difference M has a turnover of 89,000. That is 29,000 higher than department L and 49,000 higher than department K, This means department M has the highest selling and distribution cost because they sold the most. Hence the 1800 would be divided amongst the three departments in the ratio of their turnover
Department K = 400
L = 600
M = 800
total = 1800
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