Accounts - Principles of Accounts Past Questions and Answers

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

In the preparation of account, the owners of the business and the business concerned are treated as:

From the following, determine the value of closing stock using:<br/>Feb 1 purchased 200 units @ ₦2.00 each<br/>Feb 3 purchased 100 units @ ₦1.00 each<br/>Feb 4 issued 120 units @ ₦5.00 each<br/>Feb 5 purchased 50 units @ ₦3.00 each<br/>Feb 6 issued 100 units @ ₦4.00 each

The bank column in the cash book shows a credit balance of N180. This means

T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as