Accounts - Principles of Accounts 2014 WAEC Past Questions

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Which of the following information is recorded in the returns outwards book?

A. goods purchased on credit and susequently returned to suppliers
B. fixed asset bought on credit and subsequently returned to supplier
C. cash payment received from a customer and subsequently returned to supplier
D. goods sold to a customer and subsequently returned to the business

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Use the information to answer the question given.

\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)

Calculate the stock figure to be included in the balance sheet at the year end

A. D408,000
B. D346,000
C. D284,000
D. D62,000

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Use the information to answer the question given.

\(\begin{array}{c|c} \text{Branch stock account (at selling price)} & D346,000 - debit \\ \text{Branch mark-up account} & D62,000 - credit \end{array}\)

The concept applied in calculating the stock figure to be included in the balance sheet at the year end is