Accounts - Principles of Accounts Past Questions and Answers

Given:<br/>Total cash received from debtors 30,000<br/>Total purchases for the period 21,000<br/>Amount owed by debtors at the beginning of the period 4,000<br/>Equipment bought 2,500<br/>Amount owed by debtors at the end of the period 3,000<br/>Determine the value of sales for the period

Use information below to answer this question.<br/>Capital: opening balance 307,000<br/>closing balance 342,000<br/>Net profit for the period 121,600<br/>Opening stock 98,800<br/>Purchases 706,000<br/>Carriage inwards 17,500<br/>Cost of goods sold 740,700<br/>Total selling , general and <br/>administration expenses 526,000<br/>Discount received 9, 650<br/>What is the closing stock for the period?

Use information below to answer this question.<br/>Capital: opening balance 307,000<br/>closing balance 342,000<br/>Net profit for the period 121,600<br/>Opening stock 98,800<br/>Purchases 706,000<br/>Carriage inwards 17,500<br/>Cost of goods sold 740,700<br/>Total selling , general and<br/>administration expenses 526,000<br/>Discount received 9, 650<br/>Calculate the gross profit for the period?

Use the information below to answer the question <br/>The quick ratio is

On November 1, 199 8, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchase goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?