$17.$ What would have been the balance on the account of Koomson on $19$ May $2008?$

$($A$)$ A debit balance of $5265$

$($B$)$ A credit balance of $1300$

$($C$)$ A debit balance of $6565$

$($D$)$ A credit balance of $5265$

$18.$ What is the double entry rule for posting a transaction in the nominal account$/$ledger$?$

A$.$ debit all expenses, cost and losses; credit all gains, profits and revenue

B$.$ every debit entry must have a corresponding credit entry

C$.$ every credit entry must have a corresponding credit entry

D$.$ debit increase in assets, credit a decrease in assets

$19.$ Given an open debtors account of $90,673,$ credit sales of $69,876,$ cash sales of $34,562.$ The closing account receivables will be

A$.160,549$

B$.125,987$

C$.195,111$

D$.135,987$

$20.$ A business had net assets of $75,600$ at $1$ January and $31$ December, $2009$ of $73,800.$ During the year, the proprietor introduced additional capital of $17,700$ and withdrew cash and goods to the value of $16,300.$ What profit or loss was made by the business in $2009?$

A$.3,200$ loss

B$.3200$

C$.400$ profits

D$.3,200$ profit

$21.$ A business had net assets of $47,100$ at $1$ January and $31$ December, $2009$ of $54,200.$ During the year, the proprietor introduced additional capital of $22,000$ and withdrew cash of $200$ per week. What profit or loss was made by the business in $2009?$

A $.4,500$

B$.4500$loss

C$.4,500$ profit

D$.5400$ profit

$22.$ Given the following, what is the amount of Capital? Assets: Premises $20,000$; Inventory $8,500$; Cash $100.$ Liabilities: Accounts payable $3,000$; Loan from A Adams $4,000$

A$.21,100$

B$.21,600$

C$.32,400$

D$.21,400$

$23.$ Of the following, which are incorrect?

Account to be debited Account to be $($i$)$ Sold van for cash Cash Sales $($ii$)$ Bought stationery by cheque Stationery Bank $($iii$)$ Took cash out of business for Cash Drawings $($iv$)$ Paid general expenses by cheque General expenses Bank

$($A$)($ii$)$ and $($iv$)$ only

$($B$)($i$)$ and $($ii$)$ only

$($C$)($i$)$ and $($iii$)$ only

$($D$)($ii$)$ and $($iii$)$ only

$24.$ The descending order in which current assets should be shown in the balance sheet is

$($A$)$ lnventory$,$ Accounts receivable, Bank, Cash

$($B$)$ Cash, Bank, Accounts receivable, Inventory

$($C$)$ Accounts receivable, Inventory, Bank, Cash

$($D$)$ lnventory$,$ Accounts receivable, Cash, Bank

$25.$ Given these figures: Sales $8,200,$ Opening inventory $1,300,$ Closing inventory $900$ Purchases $6,400,$ Carriage inwards $200,$ the cost of goods sold figure is

$($A$)6,800$

$($B$)6,200$

$($C$)7,000$

$($D$)2,500$

$26.$ When Lee makes out a cheque for $50$ and sends it to Young, then Lee is known as

$($A$)$ The payee

$($B$)$ The banker

$($C$)$ The drawer

$($D$)$ The creditor

$27.50$ cash taken from the cash till and banked is entered

A$)$ Debit cash column $50$: Credit bank column $50$

B$)$ Debit bank column $50$: Credit cash column $50$

C$)$ Debit cash column $50$: Credit cash column $50$

D$)$ Debit bank column $50$: Credit bank column $50$

$28.$ The total of the Sales Journal is entered on

$($A$)$The credit side of the Sales Account in the General Ledger

$($B$)$The credit side of the General Account in the Sales Ledger

$($C$)$The debit side of the Sales Account in the General Ledger

$($D$)$The debit side of the Sales Day Book

$29.$ Given a purchases invoice showing five items of $80$ each, less trade discount of $25$ per cent and cash discount of $5$ per cent, if paid within the credit period, your cheque would be made out for

$($A$)285$

$($B$)280$

$($C$)260$

$($D$)602$

$30.$ We originally sold $25$ items at $12$ each, less $33\text{'}/3$ per cent trade discount. Our customer now returns $4$ of them to us$.$ What is the amount of credit note to be issued?

$($A$)48$

$($B$)36$

$($C$)30$

$($D$)32$