J accounting 14

An item credited in the bank statement but yet to be recorded in the firm's cash book is

The profit of a branch is usually credited to the

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k.
Application and allotment were received for 900,000 shares at 25k each.The book value of
issued share capital is

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k.
Application and allotment were received for 900,000 shares at 25k each.Determine the
amount received on application and allotment

The concept which states that revenue should be recognized at the point when the sale is
deemed to have been made is

The excess of sales over cost of goods sold is

Where partnership is converted into a limited liability company, current account balances of
partners are transferred to a

In the absence of a partnership deed, the act stipulates that

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
The year 2009 #38,570

Determine the amount of subscription for the year

Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its
branchDetermine the profit on the goods sent to the branch at profit margin of 25% mark-up

The value of the sales ledger control account is derived from the summation of

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how
much will be paid assuming prompt payment was made?

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at ₦950 each
15/3 Sales 300 books at #900 each

Calculate the cost of goods available for sale using LIFO

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had
not been entered in Sulieman's account. To correct this error, debit Sulieman's account and
credit

The expenses incurred in purchasing a vehicle is a

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
The year 2009 #38,570

What is the amount of subscription to be shown as liability in the balance sheet as at December 2009

What is the balance carried down?

Hussaina Enterprises sent goods worth ₦800,000 at cost plus mark-up of 20% to its
branchWhat is the cost price of the goods sent to the branch

Payment for shares in excess of amount offered gives rise to

Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can
earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were
purchased and settled within 5 days, what will be the amount to be credited in the cash
column of the company's cash book?

If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the
branch at a selling price of ₦100,000?

If machine X cost #600,000 with anticipated life span of five years and estimated scrap
value of #50,000, using straight line method; depreciation charged for two years will be

Determine the closing stock.

Subscription in arrears is treated in the balance sheet of a club as

A ledger is classified into

One of the the differences between bookkeeping and accounting is that the former

The control account is used in facilitating

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses ₦290
Accrual expenses ₦323
Stock #4,500
Cash balance #4,956
Debtors ₦905

The value of the current assets will be

A book of account that possesses the features of both day book and ledger is

In a departmental account, where no basis of apportionment exist, apportionment is

major way by which the headquarters guard against fraud in branches on cash
remittance is through the introduction of

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses ₦290
Accrual expenses ₦323
Stock #4,500
Cash balance #4,956
Debtors ₦905

Determine the current liabilities

Petty cash book records transactions on

The account of government into which all monies are received and from which all
expenditures are disbursed is the

The major advantage of an imprest system is that it

The formula for calculating depreciation using straight line method is

Which of the following affects the accuracy and authenticity of the trial balance?

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at ₦950 each
15/3 Sales 300 books at #900 each

Determine the cost of goods sold using FIFO

The details of the share capital which a company is authorized to issue is contained in the

In a departmental account, the expenses to be apportioned on the basis of turnover is

The book of account in which information from the source documents are recorded consists
of

Given:Sales: ₦180,000
Stock 1/1: ₦25,000
Purchases: ₦110,000
Sales returns: ₦1000
Purchases returns: ₦1,500
Gross profit: ₦58,000Determine the value of stock as at 31st December

The major focus of the trading account is to show

₦800,000 worth of ordinary shares of 50k were issued at ₦1 each, payable in full on
application. The entry in the cash book would be to

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on
debiting the vehicle account, the corresponding credit for the purchase will appear in the

The accounting entries to record a cheque issued by a business is to

In government accounting, the method used which records on the basis of financial entity
with self-balancing books instead of entity of proprietorship is

1. Cash sales
11. Cash purchases
111. Cash discount allowed
1V. Cash payment
V. Cash receiptsWhich of the following are recorded on the debit side of
the cash book

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
Trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?