415,000 debit
215,000 credit
215,000 debit
315,000
Correct answer is C
Income = 210,000 + 80,000 + 60,000 = 350,000
Expenditure = 20,000 + 15,000 +40,000 10,000 + 50,000 = 135,000
350,000 - 135,000 = 215,000 Debit balance (income)
Calculate the cost of goods sold.
N61,000
N58,000
N62,000
N57,000
Correct answer is C
No explanation has been provided for this answer.
Find the average stock for the period
N27,000
N23,000
N28,000
N20,500
Correct answer is D
No explanation has been provided for this answer.
Calculate the cash balance after the discount.
N2,760
N4,300
N6,200
N2,400
Correct answer is A
cash balance = debit side of the cash column - credit side of cash column. Hence we have;
Discount allowed = 0.02 x 2000 = 40
Debit column = 3000 + 1000 + 2000 + 200 = 6200
6200 - 40 (cash discount) = 6160
credit column = 200 + 3000 + 200 = 3400
6160 - 3400 = 2760
If Fatima was granted a discount of 2% what will be discount allowed?
N20
N40
N60
N4
Correct answer is B
Fatima cash purchase = 2000
Discount allowed = 2%
2/100 x 2000 = 40
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