N4,600
N5,000
N6,400
N4,400
Correct answer is D
sales 10900
- Returns inwards 600
-carriage outwards 300
10000
opening stock 1000
purchase 4000
- returns outwards 800 3200
+ carriage inwards 200
goods avail. for sale 4400
less; closing stock 2000
carriage outwards 300 2300 2100
Gross profit 7900
N7,800
N7,900
N9,700
N5,700
Correct answer is B
sales 10900
- Returns inwards 600
-carriage outwards 300
10000
opening stock 1000
purchase 4000
- returns outwards 800 3200
+ carriage inwards 200
goods avail. for sale 4400
less; closing stock 2000
carriage outwards 300 2300 2100
Gross profit 7900
Dividend received
Uncredited expenses
Uncredited cheques
Interest on lodgement
Correct answer is C
Uncredited cheques: These are cheques received from customers and other sources for which the firm has banked but the bank has not yet availed the funds by crediting the firm's account. In this case, the cash book balance will be more than the bank balance.
The bank charges levied on a current account holder is the charge on?
Transaction
Turnover
Transfer
Cash received
Correct answer is B
Charge on turnover (COT) also known as Commission on turnover are charges a customer incurs for debit transactions (transaction involving withdrawals and/or operating cost to the bank) from his current account.
Commission paid
Interest received
Direct payment
Direct withdrawal
Correct answer is B
Electronic charges or payment on the bank statement not yet recorded in the cashbooks can cause discrepancies on the cash book. If interest has being paid on the account and not recorded of the cashbook, the bank statement is likely going to be overstated with the amount paid and not recorded.