JAMB Accounting Past Questions & Answers - Page 189

Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200

Find the value of the total assets?

Given:
Prepaid b/f.......................N10?000
Cash paid during the year.........N20,000

The amount to be charged to the profit and loss account is?

The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?

Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

The provision for bad debt is?

Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?