Accounts - Principles of Accounts Past Questions and Answers

The purpose of profit and loss account is to ascertain

Discount received is charge to

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


What was the cost of goods sold?

Use the following to answer this question

Opening stockPurchasesSalesClosing Stocks

₦20,00070,000100,00015,000

What was the gross profit?

An ordinary share of ₦100 was issued at ₦80. The share was issued at