Accounting Questions and Answers

........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250

The drawings for the period stand at?

An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.

What was the asset value at the beginning of the third year?

An asset was purchase for N343m in 2003. 
The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

Stock valuation is useful because it forms the sales department on the?