Accounts - Principles of Accounts Past Questions and Answers

If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an

Accumulated depreciation on the asset as at 31/12/81 was

THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS

Erroneous rearrangement of financial figures such as writing N624 as N 264 is called

Given: capital N13,000; office machinery, N9,000; creditors N900, stock of goods N1,550; debtors, N275; cash at bank, N5,075 and loan from Jumbo, N2,000. What is the balance sheet total?