Accounts - Principles of Accounts Past QuestionsQuestion 236:Use information below to answer this question. Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling , general and administration expenses 526,000 Discount received 9, 650 Calculate the gross profit for the period? A. N 535,650 B. N628,300 C. N637,950 D. N647,600 Question 237:Use the information below to answer the question The quick ratio is A. 0. 82: 1 B. 0. 91:1 C. 0.95:1 D. 1:53:1 Question 238:On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is? A. N32,500 B. N32,000 C. N31,000 D. N29,500 Question 239:On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is? A. N32,500 B. N32,000 C. N31,000 D. N29,500 Question 240:To write off bad debt, debt? A. Debtor's account and credit provision for bad debt B. Bad debt account and credit debtor's account C. Debtor's account credit bad debt D. Provision for bad debt account and credit debtor's account |
|
| ||||||
Disclaimer All Views, Names, Acronyms, Trademarks, Expressed on this website are those of their respective owners. Please note that www.schoolngr.com is not affiliated with any of the institutions featured in this website. It is always recommended to visit an institutions or sources official website for more information. In the same vein, all comments placed here do not represent the opinion of schoolngr.com SCHOOLNGR - © 2020 - 2024 - Tayo Hammed | Terms Of Service | Copyright | Privacy Policy |