Accounts - Principles of Accounts Past Questions and Answers

Using the following information,<br/>\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)<br/>What is the club's accumulated fund?

Which of the following is not a credit item in the sales ledger control account?

Which of the following items is found on he credit side of a sales Ledger Control Account?

Use the following information to answer the given question <br/>\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)<br/>Purchases for the year was

Use the following information to answer the given<br/>\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)<br/>Cost of sales for the year was