Accounts - Principles of Accounts Past Questions and Answers

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?

Which of the following is treated under partnership appropriation account?

Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued