WAEC Past Questions and Answers - Page 959

Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to

Which of the following is in the personal Ledger?

Discount allowed is a charge to

N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are

Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the 
i. written down values 
ii. historical costs less depreciation for a period only 
iii. historical costs less total depreciation to date