Accounts - Principles of Accounts Past Questions and Answers

Use the following to answer this question

Opening stockPurchasesSalesClosing Stocks

₦20,00070,000100,00015,000

What was the gross profit?

An ordinary share of ₦100 was issued at ₦80. The share was issued at

Shares that are offered to existing shareholders at a price is called

Use the following information to answer this question

Year	₦
1991199219931994	14,00024,00010,00016,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

Where there is no agreement made by the partners, the following provisions takes place except