Accounting Questions and Answers

Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

Given:
General expenses account.
Paid by cheque..................N671
Paid by cash....................N70
Accrued b/f.....................N65
Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively.
The collection from customers during the period was N70,000. What was the total sale on account?

 

In a sales ledger, contra entry is found on the?