Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


The yearly depreciation using the straight line method would be?

Use the information below to answer the question that follows
\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)


What is the total sales for the period?