Accounts - Principles of Accounts Past Questions and Answers

Which of the following account is kept by local governments in Nigeria?

The conventional sources of public revenue includes?

Appropriation Account<br/>Kudu Wale <br/>Interest on capital 750 550<br/>Salaries 800 600<br/>Share of profits 3,300 3,300<br/>Determine the net profit of the partnership.

Use the information to answer the question <br/>Aminu and Sons credit purchases (Extract] as at February 1996.<br/>Feb 1Credit balances 40, 000<br/>Debit balances 1, 000<br/>Feb 28 Purchases journal totals 500,000<br/>Returns outwards journal totals 50,000<br/>Cheques paid to suppliers 400,000<br/>Promissory notes sent to suppliers 30,000<br/>Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000<br/>The Total for the purchases ledger control account is

Use the information to answer the question<br/>Aminu and Sons credit purchases (Extract] as at February 1996.<br/>Feb 1Credit balances 40, 000<br/>Debit balances 1, 000<br/>Feb 28 Purchases journal totals 500,000<br/>Returns outwards journal totals 50,000<br/>Cheques paid to suppliers 400,000<br/>Promissory notes sent to suppliers 30,000<br/>Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000<br/>What is the balance c/d in the purchases ledger control account?