Accounting Questions and Answers

\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)

The capital employed is

\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)

The current ratio is?

\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)

Sales for the year is

\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)

Purchases for the year is

\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)

The total expenditure for the period is