1) Given opening debtors balance of K11 500, sales K4 800 and receipts from debtors K4 500, the closing debtors’ balance total should be ….. a) K 8 500 b) K14 500 c) K11 200 d) K11 800 2) A trader took out an insurance policy on 1st May 2022, the annual premium being K720. He does his books on 31st December. Calculate the amount paid in advance? a) K60 b) K240 c) K180 d) K120 3) At the beginning of month the total creditors balance was K2700 and the balance at the end was k3560. During the month payments to creditors were K5760. What were the purchases for the month? a) K9320  b) K12020 c) K6620 d) K8460 4) The balance brought down in the debtors account was K 9000. At the end of the same accounting period, the firm’s debtors were K1500.During the period, a bad debt of K100 was written off and K5000 was received from credit customers. The total of the firms credit sales for the period was: a) K3700 b) K4200 c) K5400 d) K5900 5) At the beginning of the period, a business owed its creditors K15. During the period, the credit purchases amounted to K87, and paid K94 to the creditors. At the end of the period, the firm owed the creditors: a) K7 b) K8 c) K14 d) K22 6) A cheque received by Mulenga from a debtor is later dishonored, how is this taken in Mulenga ’s control account? a) Credit in purchases ledger control account  b) Credit in sales ledger control account c) Debit in purchase ledger control account d) Debit in sales ledger control account 7) The total of the purchases control account had been under casted by K100. How could this error be rectified in the concerned firm’s journal? a) Dr suspense A/c K100 Cr purchase A/c K100 b) Dr purchase A/c K200 Cr suspense A/c K200 c) Dr purchase A/c K100 Cr suspense A/c K100 d) Dr creditors A/c K100 Cr purchases A/c K100 8) When preparing a control account the total of the credit sales for the month should be entered on the ….. a) debit side of purchases ledger control account b) credit side of purchases ledger control account c) debit side of sales ledger control account d) credit side of sales ledger control account 9) When preparing a control account the total of the returns inwards for the month should be entered on the …. a) debit side of the purchases ledger control account b) credit side of the purchases ledger control account c) debit side of sales ledger control account d) credit side of sales ledger control account 10) When preparing a control account the total of discount received for the month should be entered on the …. a) debit side of purchases ledger control account b) credit side of purchases ledger control account c) debit side of sales ledger control account d) credit side of sales ledger control account

CONTROL ACCOUNTS: - Prepare control accounts

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