Accounts - Principles of Accounts Past Questions and Answers

Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000
What is the cost of goods sold?

The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

Which of the following statement is correct about the head office current account and the branch current account?

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is