Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions 9 and 10.
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?

Discounts granted branch customers are treated as a debit to branch?

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

Given:
Shaku Company Ltd.
Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000
Determine the working capital?

the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?