Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
........................31/12/08...........31/12/09
Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200
Monthly drawings average N330.
Determine the net profit ?

The gross loss on manufacturing is always transferred to the?

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

The prime cost is the total of the?

In the not-for-profit-making organization, the excess of income over expenditure is?