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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