Accounting Questions and Answers

Bar opening stock N10,000
Amount owed to bar suppliers at 
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

What is the bar profits?

Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500

From the data above, compute the prime cost?

Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

Determine the total fixed assets from the opening balance sheet.

For an incomplete record to provide necessary information, it must be converted to?

Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000

What is the purchases ledger balance?