Accounts - Principles of Accounts Past Questions and Answers

Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?

Which of these is a capital expenditure warrant?

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

Use the information below to answer question
Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975
Sundry expenses ......................N200
The profit realized from the trade is?