Accounts - Principles of Accounts Past Questions and Answers

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities

The excess of sales over cost of goods sold is

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO