Accounts - Principles of Accounts Past QuestionsQuestion 306: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 What is the purchases ledger balance? A. N4,000 B. N23,000 C. N24,000 D. N29,000 Question 307:For an incomplete record to provide necessary information, it must be converted to? A. Complete records B. Double entry records C. Statement of affairs D. Single entry Question 308:Use the information below to answer question Given: 31/12/98 31/12/99 Assets: Plant and Mach. N1,500 N1,200 Fixtures N700 N520 Stock N500 N600 Debtors N900 N400 Cash N200 N300 Liabilities: Creditor N500 N600 Loan N600 N400 Determine the total fixed assets from the opening balance sheet? A. N2,200 B. N2,020 C. N1,720 D. N2,070 Question 309:Given: Direct material N2,500 Direct labour N5,000 Direct expenses N1,000 Overhead expenses N1,500 From the data above, compute the prime cost? A. N8,500 B. N7,500 C. N6,500 D. 6,000 Question 310:Use the information below to answer question 25 and 26. Bar opening stock N10,000 Amount owed to bar suppliers at the end the beginning of the year N10,000 Bar sales N50,000 Bar credit purchases N40,000 Payment to suppliers N30,000 Bar expenses N1,000 Bar closing stock N15,000 What is the bar profits? A. N20,000 B. N15,000 C. N14,000 D. N10,000 |
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