Accounts - Principles of Accounts Past Questions and Answers

Given:
I. Cash refunds
II. Debit note issued
III. Dishonored cheque
IV. Purchases
The item on the credit side of purchases ledger control account includes

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors closing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount received} & 1000
\end{array}\)
If the gross profit is N5 000, what is the net profit?

Which fund is used to meet unforeseen or urgent expenditure

In the period of rising prices, which method of stock valuation is most appropriate?