Accounts - Principles of Accounts Past Questions and Answers

During the year ended 31st December 2001,
Nuju Enterprises paid rent as follows:
Jan. 20, N24 000 for a period of 4 months.
May. 16, N30 000 for a period of 5 months.
Oct. 15, N36 000 for a period of 6 months.
What is the overpaid portion of the rent?

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

A rent received by a trader for sub-letting part of his business premises should be added to the?

Use the information below to answer questions 23 and 24.
............................31/12/07.......31/12/08
Stocks........................N4 200.........N3 900
Rates in advance..............N1 000.........N1 500
Accrued wages.................N1 150.........N1 350
Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.
What is the value of purchases for the year 2008?

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.