JAMB Accounting Past Questions & Answers - Page 240

Given: 31/12/98 31/12/99
Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

Determine the total fixed assets from the opening balance sheet.

For an incomplete record to provide necessary information, it must be converted to?

Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000

What is the purchases ledger balance?

Purchases ledger opening balances N4,000
Sales ledger opening balances N6,000
Credit purchases during the year N25,000
Discounts allowed N1,000
Returns inwards N2,000
Credit sales during the year N10,000
Returns outwards N6,000

Calculate the sales ledger balance?

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?