N2,920
N3,240
N3,330
N5,340
N5,440
Correct answer is A
No explanation has been provided for this answer.
N1,110
N1,430
N1,520
N1,750
N2,980
Correct answer is A
No explanation has been provided for this answer.
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are
Credit cash account, debit bank account with N1,200
Debit cash account, creidit bank account with N1,200
Credit cash account, debit suspense account with N2,400
Debit cash account, debit suspense account with N2,400
Credit bank account, debit suspense account with N2,400
Correct answer is E
No explanation has been provided for this answer.
N450
N620
N660
N1,110
N1,430
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not true of a partnership business without written agreement?
Profit and losses will shared equally
Interest not to be paid on capital
Interest on drawings is to be at the rate 5% per annum
Salaries are not allowed to partners
Money in excess of capital agreed to subscribe is to attract an interest of 5% per annum
Correct answer is C
No explanation has been provided for this answer.