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Accounts - Principles of Accounts Past Questions

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686
The correct entries to record goods transferred to branch from head office is to debit?
  • A. branch stock account and credit goods sent to branch account
  • B. branch supplies account and credit branch stock account
  • C. branch stock account and credit purchases account
  • D. goods sent to branch account and credit branch stock account
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687
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
  • A. branch supplies and branch receipts
  • B. branch stock account and goods sent to branch accounts
  • C. goods sent to brannch account and branch receipt account
  • D. goods sent to branch accounts and branch supplies
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688
Goods invoiced to a branch can be sent using?
  • A. cost price, selling price and fixed percentage on selling price
  • B. cost price, selling price and fixed percentage on cost price
  • C. cost priceand fixed percentage on cost price
  • D. cost price and fixed percentage on selling price
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689
The major point of agreement carried by the partnership deed is?
  • A. 5% interest annum on any loan
  • B. an oral agreement among the partners
  • C. method of inhertance by the partners' children
  • D. the profit and loss sharing ratio of the partners
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690
Use the information below to answer questions 40 and 41.

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.

Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%

The interest on Kemi's capital is?
  • A. N1 000
  • B. N2 000
  • C. N500
  • D. N3 000
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