Accounts - Principles of Accounts Past Questions and Answers

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

The corresponding entry of personal accounts found in the debit side of the cashbook is to

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Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
The quick ratio is

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000 755,000
Determine the owner's equity

The prime cost is the total of the