Accounts - Principles of Accounts Past Questions and Answers

Sales ledger control account contains the total amount in respect of

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

The starting point for the production of accounts from incomplete records is to

I. A retailer when fixing his selling price adds one-quarter to the cost of the article<br/>II. The expenses of the retailer is 10% of his sales<br/>III. The total sales is N23,000<br/>IV. he turned over his stock five times in the year.<br/>Compute the average amount of stock in hand at cost price

I. A retailer when fixing his selling price adds one-quarter to the cost of the article<br/>II. The expenses of the retailer is 10% of his sales<br/>III. The total sales is N23,000<br/>IV. he turned over his stock five times in the year.<br/>The net profit for the year is