The discount column on the left-hand side of cashbook represents a discount
Received from a creditor
Allowed to a debtor
Received from a debtor
Allowed to a creditor
Correct answer is B
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor
The use of a three column cash book is determined by
Cash discount
Trade discount
Cash transaction
Bank transaction
Correct answer is A
A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time
II and IV only
I, II and IV only
I, II and III only
II, III and IV only
Correct answer is B
Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution
Goodwill can be created in the books of a partnership firm when
The partnership experiences super profit
A new member is admitted
The business is being expanded
The business suffers high loss
Correct answer is A
The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill
The following appears in trading account except
Sales
Carriage outward
Carriage inward
Opening stock
Correct answer is B
Carriage outward: it is the cost of transporting goods from the company to the buyer. it is on debit side of the profit and loss account because it is an expenses incurred on distributing the goods to customer.
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