The trader's capital in a single entry system is ascertained by preparing
Gross profit
Statement of affairs
Suspense account
Appropriation account
Correct answer is B
A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.
Which of the following is a credit item in creditors ledger control account?
Returns outwards
Discount Received
Bad debts
Purchases
Correct answer is D
Some of the items found on the credit side of the creditors ledger control account include, bank, carriage, credit purchases etc
The total cash and cheques received from customers in a control account is derived from the
Income and expenditure account
Cashbook
Purchases day book
Sales journal
Correct answer is C
No explanation has been provided for this answer.
N36,902
N27,502
N12,498
N43,098
Correct answer is A
Opening balance = 12,202 + cash recieved = 40,000 = 52,202
less closing balance
= 52,202 - 15,300 = 36902 (Amount spent during the period)
Impersonal account is subdivided into
Real and nominal accounts
Nominal and personal accounts
Real and current accounts
Personal and real accounts
Correct answer is A
IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into:
a. Real Accounts, e.g. Asset Account; and,
b. Nominal Accounts, e.g. Income and Expenditure Accounts.