Financial Accounting SS2

Find net profit from the following under single entry:

* Opening capital = ₦150,000

* Closing capital = ₦220,000

* Drawings = ₦20,000

* Additional capital introduced = ₦30,000

Net profit = ?

Additional capital introduced during the year is:

Incomplete records do NOT maintain:

Life membership fee is generally treated as:

On dissolution, which account is prepared to ascertain profit or loss on realization?

Calculate share capital forfeited:

A shareholder holding 500 shares of ₦10 each, paid only ₦6 per share before forfeiture. Calculate forfeited amount.

When a partner takes over an asset, the entry is:

Authorized capital refers to

Subscription received in advance is shown as:

The journal entry to transfer assets to realization account is:

When preference shares are redeemed, premium on redemption is:

Receipt and Payment Account is:

Single entry system is also called:

Donation for a specific purpose is treated as:

When preference shares are redeemed, premium on redemption is:

Securities Premium Account can be used for all EXCEPT:

Loss on realization is transferred to partners’ capital account in:

The dissolution expenses are borne by:

. Which of the following is NOT a reason for dissolution of a partnership?

Dividend proposed but unpaid is shown as:

Subscription outstanding at year-end is:

Nonprofit organizations prepare Receipt and Payment account to know:

Income & Expenditure account is similar to:

Unrecorded liability discovered on dissolution is:

. If assets realized are less than the book value, the deficit is:

Provision for doubtful debts is transferred to:

Net profit under single entry is calculated as:

Outstanding expenses in Income & Expenditure account are:

In single entry, the missing figure of capital is found from:

Shares issued to the public are called

Over-subscription occurs when:

Which of these is NOT recorded in Receipt and Payment Account?

Goodwill raised during dissolution is ultimately:

. Receipt and Payment Account records:

The surplus in Income and Expenditure account is transferred to:

Calculate the total called-up capital:

Company issued 50,000 shares of ₦10 each. ₦8 has been called.

Premium on issue of shares is:

Share forfeiture occurs when a shareholder:

Depreciation charged in Income & Expenditure account is:

The balance of Profit & Loss Appropriation Account is transferred to: