The balance in a sales Ledger Counter Account indicates the
Difference between debtors and creditors
Total sales
Total purchases
Total debtors
Correct answer is D
It represents the total balance of credit sales otherwise known as trade debtors
Which of the following is added to the proprietor's capital?
Net profit
Gross profit
Net sales
Gross sales
Correct answer is A
Net profit is the actual profit after working expenses not included in the calculation of gross profit have been paid. That is, it is the profit after expenses have been deducted from gross profit. It makes up part of the business capital called plough-back profit.
Transposition
Compensation
Omission
Commission
Correct answer is A
A transposition error is a data entry error that occurs when two digits are accidentally reversed. It is where a bookkeeper accidentally reverses two adjacent digits, when recording transactional data.
₦60,000
₦50,000
₦35,000
₦5,000
Correct answer is C
No explanation has been provided for this answer.
₦23,000
₦18,000
₦10,000
₦8,00
Correct answer is B
purchase account = cash purchase + credit purchase
10,000 + 8000 = 18,000