Accounts - Principles of Accounts Past Questions and Answers

In the preparation of account, the owners of the business and the business concerned are treated as:

From the following, determine the value of closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦5.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 100 units @ ₦4.00 each

The principle of double entry system ensures

The interest on partner's loan is

Which of the following is a debit item in the purchase ledger control account?