Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
Both the liability and asset are increased
Both the liability and asset are decreased
Liability is increased while the asset is decreased
Liability is decreased while the asset is increased
Both liability and asset remain unchanged
Correct answer is B
No explanation has been provided for this answer.
The concept of Double Entry Book-Keeping states that
If you receive goods on credit the seller becomes your creditor
For every debit entry there must be a corresponding credit entry
One party receives and another party gives value
Purchases and sales are stated separately
For every seller there is a buyer
Correct answer is B
No explanation has been provided for this answer.
The balance the provision for depreciation account is shown in the
Trial balance as a debit
Trial balance as a credit
Balance sheet as a fixed asset
Balance sheet as a long term liability
Balance sheet as a current liability
Correct answer is B
No explanation has been provided for this answer.
Discount allowed would appear on the
Debit side of sales control account and the credit side of purchases control account
Debit side of sales ledger control account only
Debit side of purchases ledger control account
Credit side of the sales ledger control account
Credit-side of the purchases ledger control account
Correct answer is D
No explanation has been provided for this answer.
The balance in the purchases ledger control account is
Total purchases
Total sales
The total of the debtors
The total of the creditors
The total credit purchases
Correct answer is D
No explanation has been provided for this answer.