Accounts - Principles of Accounts Questions
Question 1591:
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
View Answer & ExplanationQuestion 1592:
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
View Answer & ExplanationQuestion 1595:
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
View Answer & Explanation\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?