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The company's paid-up capital is
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales
Calculate the net profit on percentage of expenses.
What is the Gross Profit on percentage of sale?
If only wages is shown on the trial balance, it should be charged to the
Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit
Accounts can be classified into
The advantage of double entry is that
A statement in a double-entry system in which are recorded all the transactions of one specific class, which takes place during the period is called
Show how the following transaction will be recorded applying the double-entry principle:
Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July 2017 by cheque.
Transactions are recorded or posted to the ledger in line with
''Below the line'' item in public sector accounting means such an item is--------
The authority to incur expenditure in the public sector is-------------
Use the following information to amswer the question that follows
Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329
Net book value of fixed assets is----
Use the following information to amswer the question that follows
Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329
Equity holders fund is-------------
Under the cost method in branch accounting, branch gross profit is disclosed in the-------
The basis of apportionment of insurance on building in departmental accounts is--------
Interim dividend paid in the year is--------
The process of distributing shares to successful applicants is------.
The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit------