Trade creditors have been paid by N420
Trade creditors are owed N420
Goods returned to trade creditors amounted to N420
Total supplies from trade creditors amounted to N420
Correct answer is A
The purchase ledger control account is part of the balance sheet and shows at any given time how much you owe to your suppliers. It is credited if its balance increases & debited if its balance decreases.
The current assets less current liabilities is
Working capital
Capital employed
Fluctuating capital
Fixed capital
Correct answer is A
The working capital in simple terms is the money used in the day-to-day running of the business.
It is the difference between a company's current assets—such as cash, accounts receivable, inventories of raw materials, and finished goods—and its current liabilities, such as accounts payable and debts.
Principle
Commission
Original entry
Complete reversal
Correct answer is B
Error of commission is an error that occurs when doing something wrong, such as including a wrong amount or including an amount in the wrong place.
For example, money that has been received from a customer is credited properly to the accounts receivable account, but to the wrong customer.
88,920
84,240
80,028
72,025
Correct answer is A
60 x 1560 = 93600
Cash discount = 5/100 x 93600 = 4680
93600 - 4680 = 88920
9,360
8,424
4,680
4,212
Correct answer is C
Unit cost = 60
Quantity = 1560
60 x 1560 = 93600
Cash discount = 5/100 x 93600 = 4680