Principles of Accounting (2017 | Study Mode

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Question 31
A
the partnership experiences super profit
B
a new member is admitted
C
the business is being expanded
D
the business suffers high loss
Explanation
The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill

Correct option: A
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Question 32
A

12,000

B

15,000

C

16,000

D

9,000

Explanation

Before calculating the discount received in Dep. B

We need to calculate the percentage of purchases for Dep B

Out of the total purchases

Dep. A purchases 150,000

Dep. B purchases 250,000

400,000 - Total purchases

therefore; \(\frac{250,000 \times 24,000}{\text{(Total discount received)}}\) x 400,000

= 15,000


Correct option: B
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Question 33
A
II and IV only
B
I,II and IV only
C
I,II and III only
D
II,III and IV only
Explanation
Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution

Correct option: B
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Question 34
A
cash discount
B
trade discount
C
cash transaction
D
Bank transaction
Explanation
A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time

Correct option: A
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Question 35
A

5,000

B

9,375

C

5,625

D

8,000

Explanation

To determine the discount allowed by Department A, the percentage of sales by Department A need to be calculated

Dep A 250,000

Dep B \(\frac{150,000}{400,000}\)

% of Dep A = \(\frac{250,000}{400000}\) X 100

= 62.5%

Discount allowed in Dep A = \(\frac{62.5}{100}\) x 250,000

= 9,375

= 9,375


Correct option: B
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Question 36
A
The accounting entries for goods stolen in branch will be to debit
B
branch stock account and credit branch adjustment account
C
branch adjustment account and credit profit and loss account
D
branch adjustment account and credit branch stock account
Explanation
A branch account is a small part of business account operating with some degree of independence . It maintains its own personal/self accounting entries to determine the profit/loss made by a specific period of time

The accounting entries is to debit profit and loss account and credit branch stock. The profit and loss is debited because the cost of the stolen goods must be charged against the profit for the period to balance the account and the branch stock account is credited because the cost of the goods is out of the branch already.

Correct option: A
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Question 37
A

3850

B

6650

C

1550

D

6850

Explanation

Dr Total Debtors Control A/c Cr

\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \\ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \\ \hline
& \text{Dr. Allowed.....500} \\ \hline & \text{bal c/d.....1,500} \\ \hline 10,850 & 10,850 \\ \hline \text{bal b/d.....1,500} & \end{array}\)

D is correct 6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.


Correct option: D
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Question 38
A
received from a creditor
B
allowed to a debtor
C
received from a debtor
D
allowed to a creditor
Explanation
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor

Correct option: B
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Question 39
A
Consolidated Revenue Fund
B
Consolidated Reserve Fund
C
Special Operational Fund
D
General-Reserve Fund
Explanation
consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead

Correct option: A
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Question 40
A

4207

B

9527

C

6907

D

9877

Explanation

\(\begin{array}{c|c} & \text{} & \text{} \\ \hline \text{Balance as per cash book} & & 5469 \\ \hline \text{Unpresented cheque} & 19494 & \\ \hline \text{Cheque wrongly debited} & 1440 & 20844 \\ \hline & & 26,311 \\ \hline \text{Uncredited cheque} & & 4410 \\ \hline \text{Balnce as per bank statement} & & 21,901\end{array}\)


Correct option: B

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