Accounts - Principles of Accounts Past Questions and Answers

The excess of income over expenditure is usually transferred to the

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

Given:                                                                   ₦ Total debtors b/d 31/12/99                    25,000 Cheques received from debtors         255,000 Total debtors c/d 31/12/00                    15,000 Calculate the sales figure

Use the information below to answer the question. Phebe Enterprises has two departments S and T, with the following information [table][tbody][tr][td]                                  S                                  ₦Opening stock         5,000Purchases              26,000Closing stock            7,000Sales                      45,000[/td][td]T₦1,500                                   3,0002,5004,000[/td][/tr][/tbody][/table] The following expenses are to be shared in the ratio of 4:1 Rent                                       ₦8,300 General expenses                 ₦3,200 Determine the company's gross profit for the year 

Use the information below to answer the question. Phebe Enterprises has two departments S and T, with the following information [table][tbody][tr][td]                                  S                                  ₦Opening stock         5,000Purchases              26,000Closing stock            7,000Sales                      45,000[/td][td]T₦1,500                                   3,0002,5004,000[/td][/tr][/tbody][/table] The following expenses are to be shared in the ratio of 4:1 Rent                                       ₦8,300 General expenses                 ₦3,200 What is the net profit (or loss) contributed by department T