Accounts - Principles of Accounts Past Questions and Answers

The difference between double entry and single entry is

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

The purpose of profit and loss account is to ascertain

Discount received is charge to

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


What was the cost of goods sold?