Accounts - Principles of Accounts Past QuestionsQuestion 301:If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as? A. Capital receipt B. Revenue receipt C. Windfall receipt D. Miscellaneous receipt Question 302:Use the information below to answer question Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year. What was the value of fixed assets at the beginning of the year? A. N2,900,000 B. N3,800,000 C. N3,900,000 D. N4,000,000 Question 303:Use the information below to answer question Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year. The depreciation expenses charged for the year is? A. N450,000 B. N250,000 C. N150,000 D. N100,000 Question 304:A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a? A. Bad debt B. Trade discount C. Premium D. Cash discount Question 305:Use the information below to answer question . Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000 Calculate the sales ledger balance? A. N3,000 B. N6,000 C. N10,000 D. N13,000 |
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