Accounts - Principles of Accounts Past Questions and Answers

The major focus of the trading account is to show

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities