Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer this question<br/>At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of <br/>₦180,000 it is however discovered that revenue of <br/>₦15,000 is recorded as expenses while expenses of<br/>₦4,000 is recorded as revenue.<br/>Determine the adjusted net profit

Use the information below to answer this question<br/>At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of <br/>₦180,000 it is however discovered that revenue of <br/>₦15,000 is recorded as expenses while expenses of<br/>₦4,000 is recorded as revenue.<br/><br/>The revenue to be added as an adjustment is

The corresponding entry of personal accounts found in the debit side of the cashbook is to

Use the information below to answer this question<br/>Zahki Plc balance sheet (extract) as at 31st December 1997.<br/> ₦ ₦<br/>Paid up capital 200,000 Fixed assets 300,000<br/>Share premium 15,000 <br/>Profit and loss account 60,000 Investment 180,000<br/>Long-term loan 180,000 Stock 28,000<br/> Debtors 90,000<br/>Creditors 200,000 provision(3000) 87,000<br/>Other current liabilities 100,000 Cash 60,000<br/> Bank 100,000<br/> <u> 755,000 </u> <u>755,000</u> <br/>The quick ratio is<br/>

Use the information below to answer this question<br/>Zahki Plc balance sheet (extract) as at 31st December 1997.<br/> ₦ ₦<br/>Paid up capital 200,000 Fixed assets 300,000<br/>Share premium 15,000 <br/>Profit and loss account 60,000 Investment 180,000<br/>Long-term loan 180,000 Stock 28,000<br/> Debtors 90,000<br/>Creditors 200,000 provision(3000) 87,000<br/>Other current liabilities 100,000 Cash 60,000<br/> Bank 100,000<br/> <u> 755,000 </u> <u>755,000</u> <br/>Determine the owner's equity