Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?

Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
Determine the amount provided for discount allowed on debtors?

Use the information below to answer question .
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?

The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?