Accounts - Principles of Accounts Past Questions and Answers

The similarities between Receipts and payments and income and expenditure account is

Given:

EquipmentMotor VehicleLoanCreditorsSub in advanceSub in arrears

₦10,00015,0004,5003,0001503500

What is the accumulated fund?

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Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What us the amount of purchase

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Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be