The advantage of double entry is that
Accounts can be classified into
Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit
If only wages is shown on the trial balance, it should be charged to the
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| ₦ | ₦ | |
| Sales less: cost of goods sold |
233,000 170,000 |
|
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses |
16,800 15,000 6,200 |
|
| Net profit | 25,000 |
What is the Gross Profit on percentage of sale?
