WAEC Accounting Past Questions & Answers - Page 51

The document which contains the internal regulations of a limited liability company is the 

The excess of net assets acquired over purchase consideration is 

Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2,000

The amount of sales is

Income received in advance is treated in the balance sheet as a 

A computer set bought for N150,000 was disposed of for N45,000 after some years of use. The profit on disposal was N7,500. Accumulated depreciation at the time of disposal was