JAMB Accounting Past Questions & Answers - Page 116

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses #290
Accrual expenses #323
Stock #4,500
Cash balance #4,956
Debtors # 905

Determine the current liabilities.

Balance sheet (Extract)

Creditors #7,940
Prepaid expenses #290
Accrual expenses #323
Stock #4,500
Cash balance #4,956
Debtors # 905

The value of the current assets will be

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

The major focus of the trading account is to show