Double Entry and Books of Prime Entry
ICAN Financial Accounting
9 Double Entry and Books of Prime Entry practice questions covering everything you need for ICAN.
Drill Double Entry and Books of Prime Entry →Sample Double Entry and Books of Prime Entry questions
QUESTION 1 Adekunle & Sons Trading Company, a wholesale distributor of building materials located in Abuja, commenced business on 1 January 2024. The following transactions occurred during January 20…
QUESTION 2 Fatima Textiles Nigeria Limited, a manufacturer of woven fabrics in Kano, uses a manual accounting system. The company's bookkeeper recently resigned and the Managing Director, Alhaji Musa…
QUESTION 3 Chukwuemeka & Associates, a firm of estate surveyors and valuers in Lagos, maintains its accounting records on a manual double entry system. During a routine review of the firm's books for…
Bello Enterprises extracted a trial balance and discovered a suspense account balance of ₦180,000 (Cr). Investigation revealed two errors: (i) a credit sale of ₦300,000 to Customer Z was entered in th…
Alhaji Musa, a sole trader, received a cheque of ₦450,000 from Debtor A in full settlement of an invoice of ₦500,000. The ₦50,000 discount allowed was recorded only in the discount allowed account and…
Okonkwo & Sons Limited maintains a three-column cash book. On 1 March 2024, the bank column showed a credit balance of ₦750,000. During March, the following transactions occurred: cheques received fro…
Adaeze Limited's petty cash book operates on the imprest system with a float of ₦50,000. During the month, the following payments were made: stationery ₦8,500; refreshments ₦6,200; courier services ₦4…
Zenith Trading Limited purchased goods on credit from Supplier X for ₦1,200,000 plus 7.5% Value Added Tax (VAT) as required under the VAT Act Cap V1 LFN 2004 (as amended). What is the correct double e…
Which of the following transactions is recorded in the journal proper (general journal) rather than in any other specialised book of prime entry?