Accounts - Principles of Accounts Past Questions and Answers

Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?

Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?

In converting a to a partnership company, the loss on asset revaluation is?