Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question .
Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000
Calculate the sales ledger balance?

Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?

Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?