Given:

Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250

The drawings for the period stand at?

Use the information below to answer questions

........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

Use the information below to answer questions

........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.

What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

Use the information below to answer question

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

Determine the amount provided for discount allowed on debtors?