JAMB Past Questions and Answers - Page 942

Given:

Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40,000
Debit balances 1,000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

What is the balance c/d in the purchases ledger control account?

Aminu and Sons credit purchases (Extract] as at February 1996.

Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000

The Total for the purchases ledger control account is

Appropriation Account

Kudu Wale 
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.

The end result of governmental accounting procedure is to