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Discount received is charge to
The purpose of profit and loss account is to ascertain
A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
The difference between double entry and single entry is
The rules of double entry states that
A proprietor withdraws cash from the business for private use, he
Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
Majority of commercial transactions are termed credit transactions, which means
One of these is not a similarity between Joint Venture and Partnership.
The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is
Accounting standards are issued at the International level by the
The importance of bank statement is all except
Given:
Additional capital Capital Closing capital Net profit |
₦ 4000 8000 12000 1500 |
The drawings for the period stand at
The two recognised accounting bases are
Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is
The net profit for departmental A is
The cost of goods for department B is
Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?
Goods can be charged to branches using any of these pricing methods except
Capital expenditure is