Accounting Questions and Answers

..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......

The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.

What amount is to be credited to the profit and loss account in respect of rent income?

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)

Total liabilities amount to

...................................................30/9/06.......30/9/07.....
.......................................................N.............N.........
Accrued insurance premium........600...........710.......
Prepaid rent income....................490............630......

The cash book includes N1,850 and N,2,100 with respect to insurance premium and rent income respectively.

The insurance premium to be taken to the profit and loss account would be.

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\)

What is the total net assets?

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows:

\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\)

The capital expenditure of the club for the year was