Accounting Questions and Answers

At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?

The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. 
The adjustment needed as at 31st December 1993 is?

On the 30/5/93 Tolu & Co. paid 2 years rent of N50,000 which was debited to the rent account. 
At 31/12/93, what portion of that amount was prepaid?

An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70.
What is the cash book balance after the reconciliation?