Accounts - Principles of Accounts Past Questions and Answers

Given:

Fixed assetsLiabilitiesCurrent assets

₦55,00020,00013,000

What is the capital?

One of the limitations of accounting is that

Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

In the preparation of account, the owners of the business and the business concerned are treated as:

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each