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What type of stock valuation would a vegetable seller adopt in valuing it's product?
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
The corresponding entry of personal accounts found in the debit side of the cash is to
Which of the following items is a capital expenditure?
The total credit sales for a period can be extracted from the
July 1 - Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be
July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be
When the debit side total of an account, it means that the account has
Accounting information seeks to provide