Accounts - Principles of Accounts Past Questions and Answers

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?

Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?

Use the information below to answer questions 9 and 10.
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?

The normal accounting entry to record the dishonor of a businessman is to?

Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?