Accounts - Principles of Accounts Past QuestionsQuestion 126:The difference between a trading account and a manufacturing account is that while the manufacturing account A. Has no particular period, the trading account has B. Does not consider the cost of goods involved, the trading account does C. Is concerned with the cost of production, the trading account is not D. Is not concerned with the stock of raw materials the rading account is Question 127:An income and expenditure account is a summary of A. All income and expenditure during a period B. Revenue income and expenditure during a period C. Receipts and payments during a period D. The trading income a period Question 128:Additional information : 1: 1: 93 31 : 12 : 93 N N Subscription in arrears 300 450 Furniture 7000 Subscription received in advance 500 400 Rate owing 50 60 Subscription relating to the accounting year 1993 in the income and expenditure account is A. N 15 050 B. N 14 550 C. N14 300 D. N 13 400 Question 129:Accumulated fund on 1st January 1993 is A. N 8 570 B. N8 470 C. N 850 D. N7 520 Question 130:On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be A. Borne by all the partners B. Borne by the insolvent partner C. Written off D. Borne by the solvent partners |
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