Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.
Determine the provision for bad debts to profit and loss account?

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.

Calculate the provision to be taken to the balance sheet?

If an organization maintains a periodic stock system, the stock quantities are?

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

Use the information below to answer questions 23 and 24.
............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350
Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.
What is the value of purchases for the year 2008?