Accounts - Principles of Accounts Past Questions and Answers

Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\) Cost of sales is

A N10,000
B N9,500
C N5,800
D N5,300
E N5,200

Question 2682:

Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\) Net sales is

A N14,100
B N14,000
C N13,500
D N12,900
E N9,300

Question 2683:

Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Stock 1/1/93} & 4,500 \\ Sales & 13,500\\ Purchases & 5,000 \\ \text{Carriage inwards} & 500 \\ \text{Stock 31/12/93} & 4,200 \\ \text{Return inwards} & 600\end{array}\) Gross profit is

A N8,300
B N8,200
C N7,700
D N7,600
E N7,100

Question 2684:

Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\) New provision for bad debts to stand at 5% of debtors. In the balance sheet, the net figures for the profit is

A N47,025
B N46,550
C N45,600
D N45,500
E N43,225

Question 2685:

Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\) New provision for bad debts to stand at 5% of debtors. The total amount of bad debts to be charges as expense in the profit and Loss Account is

A N2,500
B N2,000
C N1,500
D N1,200
E N1,000