Accounts - Principles of Accounts Past Questions and Answers

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

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The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Recurrent expenditure is

Use the question to answer this question
The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Capital expenditure is

Goods can be charged to branches using any of these pricing methods except

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?