Trade debts amounting to N300 were written off. Which of the following would be affected?
Purchases
Profit and losses
Creditors
Sales ledger
Trading account
Correct answer is D
No explanation has been provided for this answer.
A partner's drawing is debited to
Profit and loss appropriation account
Interest account
Loan account
Current account
Trading account
Correct answer is D
No explanation has been provided for this answer.
Which of the following is the most liquid?
Land and buildings
Cash at bank
Machinery
Goodwill
Furnitures and fittings
Correct answer is B
No explanation has been provided for this answer.
Interest on Johnson's drawing is
N500
N300
N200
N150
N100
Correct answer is B
No explanation has been provided for this answer.
Purchases in accounting refers to goods bought for
Repairs
Owner's use
Resale
Decorating offices
permanent use
Correct answer is C
No explanation has been provided for this answer.