Accounts - Principles of Accounts Past Questions and Answers

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?

The item that are contained in the bought ledger control account are?

Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400
The balance of the purchases ledger control account is?

Which of the following item is found on the credit side of the sales ledger control account?

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?