Accounts - Principles of Accounts Past Questions and Answers

Alabede (Nig.) Limited issued 50,000 ordinary shares of #1 each at a market value of #2.50 each, the share premium is

The difference in the sales ledger control account is transferred to the

Partners share of profit is credited to

The purchases ledger control account of a company had an opening balance of #45,600 and closing balance of #72,600 credit. The company made payments of #437,000 to credit suppliers during the period; and had discount received of #18,600 on this account. What were the credit purchases for the period?

The difference between a trading account and manufacturing account is that while manufacturing account