Accounting Questions and Answers

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

Calculate the sales ledger balance?

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?

Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

The depreciation expenses charged for the year is?

Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year.

What was the value of fixed assets at the beginning of the year?

Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791. What was the balance of uncredited cheques?