Accounting Questions and Answers

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 

₦180,000 it is however discovered that revenue of 

₦15,000 is recorded as expenses while expenses of

₦4,000 is recorded as revenue.

 

The revenue to be added as an adjustment is

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 

₦180,000 it is however discovered that revenue of 

₦15,000 is recorded as expenses while expenses of

₦4,000 is recorded as revenue.

 

Determine the adjusted net profit

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A source document is used for verifying the