Accounts - Principles of Accounts Past Questions and Answers

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.


The cost of goods for department B is

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.


The net profit for departmental A is

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

The two recognised accounting bases are

Given:

Additional capitalCapitalClosing capitalNet profit

₦40008000120001500

The drawings for the period stand at