Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
|
Rent |
73,400 |
|
Drawings |
28,600 |
| Insurance | 12,800 |
The balance brought down at the end of the month is
D 278,300
D 154,800
D 478,300
D 323,500
Correct answer is D
Balance Brought Down = Opening Balance + Income - (Expenses + Drawings)
Balance Brought Down = (D200,000 + D180,000 + D98,000) - (D40,000 + D73,400 + D28,600 + D12,800)
= 478,000 - 154,800
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
|
Rent |
73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
The total income for the month is
D 278,000
D 180,000
D 154,800
D 306,900
Correct answer is A
To calculate the total income for the month, we add up the commission received:
Total Income = Commission received + Receipt
Total Income = D180,000 + D 98,000
= D 278,000
The document issued by a revenue collector as evidence of payment to a government ministry is a
Receipt voucher card
Stores receipt voucher
Treasury receipt
Payment voucher
Correct answer is A
Receipt voucher are document used to acknowledge the receipt of public revenue.
The following appears in the trading account except
Carriage inward
Opening stock
Carriage outward
Sales
Correct answer is C
Carriage outward is an expenses and it does not appear in the trading account but appears in the profit and loss account.
Items shown in the balance sheet as asset includes
Debit balance on drawings account
Debit balance on a customer's account
Credit balance on the capital's account
Credit balance on a supplier's account
Correct answer is B
The items which are generally present in all the balance sheet includes assets like cash, inventory, account receivable, investments, prepaid expenses and fixed assets.