Accounts - Principles of Accounts Past Questions and Answers

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?

Which of the following errors will not allow a trial balance to agree?

Profit expressed as a proportion of cost price is known as

Bosun bought goods worth N500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?