Accounts - Principles of Accounts Past Questions and Answers

In a sales ledger, contra entry is found on the?

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115
Determine how much to be charged to profit and loss account?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Use the information below to answer questions 23 and 24.
Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?