Accounts - Principles of Accounts Past Questions and Answers

How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?

Which of the following accounts has a debit balance?

a list of all credit and debit balance from the ledger accounts is

Use the following information to answer the given question <br/>\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)<br/>The cost of goods sold is

Use the following information to answer the given question <br/>\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)<br/>Gross profit is