Accounts - Principles of Accounts Past Questions and Answers

Dr. Sales Ledger Control Account . Cr

	₦		₦
Bal b/f	3,250	Bal b/f	125
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23430		23430
Bal b/d	4740	Bal b/d	230

The amount ₦19,075 represents

An advantage of FIFO method of stock valuation is that ____________

When expenses are paid on behalf of the venture, the accounting entries is to debit

The discount column on the left-hand side of cash book represents a discount

Goodwill can be introduced when ____________