Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?

Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?

An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

Commission-on-turnover is charged on?