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Items shown in the balance sheet as asset includes
Subscription in advance is treated in the balance sheet under
A set of rules and procedures guiding the operations of a partnership is called partnership
Use the following information to answer below
| GH⊄ | |
| Sales | 200000 |
| Purchase | 170000 |
| Opening stock | 40000 |
| Closing stock | 50000 |
Stock turnover ratio is
Use the following information to answer below
| GH⊄ | |
| Sales | 200000 |
| Purchase | 170000 |
| Opening stock | 40000 |
| Closing stock | 50000 |
The gross profit percentage is
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The profit or loss on disposal of the machine was
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Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The net book value of the machine in the balance sheet as at 31st December 2020 was
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Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The accumulated depreciation as at the date of disposal was
One of the items on the debit side of sales ledger control account is
Use the following information to answer questions below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The GH⊄ 4,000 on the credit side is
Use the following information to answer questions below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The gross profit is
Use the following information to answer questions below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The cost of goods sold is
The entries for cash drawn from the bank by a proprietor for the private use is: debit
An item that would be considered a first charge against profit in a company's account is
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials consumed is
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials available for production is
The principal book of account where accounts are classified and summarized is
Books of accounts are opened by the use of
The authority to incur expenditure to address natural disaster is contained in
In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under