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Accounts - Principles of Accounts Past Questions

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431
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
  • A. debtors' account
  • B. trading account
  • C. expenses account
  • D. cash account
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432
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
  • A. debit entry
  • B. credit entry
  • C. contra entry
  • D. reversal entry
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433
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?
  • A. partners' salaries
  • B. interest on capital
  • C. partners' drawings
  • D. interest on loans
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
434
Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

Calculate the profit available for appreciation?
  • A. N12 000
  • B. N10 000
  • C. N8 000
  • D. N7 000
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435
Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

The balances of current accounts of Jide and Haruna are respectively?
  • A. N6000 and N5000
  • B. N3000 and N3400
  • C. N4000 and N4000
  • D. N3000 and N600
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent