Accounts - Principles of Accounts Past Questions and Answers

Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

The figure ₦1000 represent what in the balance sheet.

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

What is the opening cash balance

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

Use the question to answer this question
The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Recurrent expenditure is