Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?
₦550
₦12,250
₦12,530
₦830
Correct answer is D
The creditors at end figure is used for the balance sheet.
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the amount of purchase?
₦11,970
₦11,000
₦1,250
₦12,053
Correct answer is A
12,250 + 550 - 830
13,080 - 830
₦11,970
Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears |
₦ 10,000 15,000 4,500 3,000 150 3500 |
What is the accumulated fund?
₦14,150
₦20,850
₦21,850
₦14,200
Correct answer is B
Accumulated fund = Assets - liabilities
10,000 + 15,000 + 3500 - 4500 + 3000 + 150
28,500 - 7650
₦20,850
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.