Accounts - Principles of Accounts Past Questions and Answers

Given:
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was

If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

Given:
Calculate the surplus income.