JAMB Accounting Past Questions & Answers - Page 165

........................31/12/08...........31/12/09

Furniture and fittings..N21,000,............N28,000
Office equipment........N9,800,.............N13,200
Debtors.................N6,800,.............N5,200
Creditors...............N4,900,.............N5,100
Cash at bank............N7,000,.............N4,600
Accrued electricity bills...................N1,200

Monthly drawings average N330.

Determine the net profit?

........................31/12/08...........31/12/09

Furniture and fittings..N21,000,............N28,000
Office equipment........N9,800,.............N13,200
Debtors.................N6,800,.............N5,200
Creditors...............N4,900,.............N5,100
Cash at bank............N7,000,.............N4,600
Accrued electricity bills...................N1,200

Monthly drawings average N330.

Find the opening capital?

Determine the total expenses to be charged to profit and loss account?

............................31/12/07.......31/12/08
Stocks........................N4,200.........N3,900
Rates in advance..............N1,000.........N1,500
Accrued wages.................N1,150.........N1,350

Cost of goods sold was valued at N6,000.
Cash paid for rates and wages during the year was N1,300 and N2,200 respectively.

What is the value of purchases for the year 2008?

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?