| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained:
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500
What is the new balance sheet total as at 31/1/95?
40,000
41,500
41,700
48,500
Correct answer is C
Trading, profit and loss account for the month ended 31/1/95
For the month ended 31/1/95
₦ ₦
Sales 8200
Cost of sales:
Purchases 15000
Closing stock (10000) (5000)
Gross profit 3200
Gross profit b/d 3200
Sales commission 500
Rent 1000 (1500)
Net profit 1700
WORKINGS:
Rent paid for 12 months 12000
Rent paid for one month
12000 x 1/12 (1000)
Prepaid rent 11000
Balance sheet as at 31/1/95
Noncurrent asset:
Furnishing 10000
Ceiling fan 1500 11500
Current asset:
Cash (see cash account) 9200
Inventory 10000
Prepaid rent (see above) 11000 30200
41700
Capital 40000
Net profit (see p&l) 1,700
41700
Which of the following describes a trial balance? ...
Which of following is a recurrent expenditure in public sector accounting? ...
The following are the importance of branch account except ...
The statement of affairs prepared from incomplete records can be described as? ...
Cost reports for the intention of management should reflect? ...