If the firms average inventory is £200,000 and the closing inventory is £120,000, What is the opening inventory

Withdrew cash £800 from bank for office use. The entries will be:

A company earned £250,000 profit from a goods costing £1,250,000. The sales margin is

Which of the these errors would be disclosed by the trial balance?

In which of the following is purchase of Non-current Assets on credit first recorded?

Stock(31/12/2019) £800; Purchase of flour £2,450; Sales £4,745; Wages of bakery staff £675; Carriage outwards £50; Salary of Administrative staff £225; Stock(31/12/2020) £940; Capital £1,540. Calculate the cost of goods available for sales

Stock(31/12/2019) £800; Purchase of flour £2,450; Sales £4,745; Wages of bakery staff £675; Carriage outwards £50; Salary of Administrative staff £225; Stock(31/12/2020) £940; Capital £1,540. Calculate the cost of sales

Stock(31/12/2019) £800; Purchase of flour £2,450; Sales £4,745; Wages of bakery staff £675; Carriage outwards £50; Salary of Administrative staff £225; Stock(31/12/2020) £940; Capital £1,540. Calculate the Gross profit

Stock(31/12/2019) £800; Purchase of flour £2,450; Sales £4,745; Wages of bakery staff £675; Carriage outwards £50; Salary of Administrative staff £225; Stock(31/12/2020) £940; Capital £1,540. Calculate the Net profit

Goods of £1000 purchased from Mr. Ibrahim were recorded in sales day book, The rectification of this error will

The company's income statement for the year ended 31st December, 2017 showed a net profit of £83,600. It was later found that £18,000 paid for purchase of a motor van had been debited to the motor expenses account. It is the company's policy to depreciate motor van at 25% per year on straight line basis, with a full year's charge in the year of acquisition. What would the net profit be after adjusting for the error

If Capital as at 31/12/2020 and 31/12/2021 was £12,500 and £18,500 respectively, The owner's withdrawal were £11,500. The amount of net income or net loss for the period was

Which of the following calculates a sole trader's net profit for a period

All transposition errors has a perfect divisor of ___________

A cheque for £78,400 paid for purchase of a motor van was debited to the motor Vehicle account as £87,400, The rectification of the error will be

If the trial balance agrees, it implies that ______.

Machinery A/C has been incorrectly totaled and understated by £600; the rent account has also be overstated by £600. To correct this,

Giwa's income statement showed a net loss of £3,500. it was later discovered that repairs of motor vehicles £600 has been debited to motor vehicle a/c. What was the actual loss for the year?

A credit note for ₦620 issued to a Receivable was entered in the Returns Inwards Book as ₦260 and was posted to the ledger accordingly.The correction will be

A Receivable who owed a sum of ₦120 died without leaving anything behind. This amount was written off his account as a bad debt but no other entry was made in the books. To correct this;

Discounts allowed, N784, have not been posted from cash book to ledger. To correct this

An invoice for ₦523 received from a supplier was entered correctly in the Purchases Day Book but was posted to the debit side of the supplier's personal account. To correct this;

When the debit side of trial balance is greater than the Credit side, Suspense account will be opened and the difference will be

When the credit side of trial balance is greater than the Debit side, Suspense account will be opened and the difference will be