Accounts - Principles of Accounts Past Questions and Answers

The purchases ledger control account of a company had an opening balance of ₦45,600 and closing balance of ₦72,600 credit. The<br/>company made payments of ₦437,000 to credit suppliers during the period; and had discount received of ₦18,600 on this account. What were the credit purchases for the period?

The total of the creditors at the beginning of the year was ₦4,600 and at the end of the year ₦5,250. During the year, ₦26,500 was paid to suppliers and ₦130 was received in discounts from these suppliers. The purchases for the year Would be ___

Tunde purchased goods from Femi by cash worth N1,000 with 10% cash discount. Tunde’s purchases ledger control account is to be ____

Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of a business?

Given: N - Capital at the beginning N20,000, Drawings N3,000, Capital at end N30,000, New capital introduced N8,000.<br/>What is the profit for the period?