1. Suppose that opening receivables for Bubble's business is N300,000. There have been total receipts from customers of N550,000 of which N150,000 relates to cash sales and N400,000 relates to receipts from receivables Discounts allowed in the year old N30.000 and closing balance of receivables was N370,000. What are total sales for the year? 2. The opening payables of Deck's business are N150.000 Total payments made to suppliers during the year were N140,000. Discounts received were 5.000 and closing payables were N130,000. What are total purchases for the year? 3. On 1 January Emma's bank account is overdrawn by N13,670. Payments in the year totaled 85,360 and on 31st December the closing balance as 22.270 (positive. What are total receipts for the year? 4. The following information relates to Ivory's business On January Electricity accrued Rent prepaid Cash paid in the year Electricity Rent On 31 December Electricity accrued Rent Prepaid N2.500 N3,000 N10,000 N20,000 N3.000 N4.000 What are the income statement changes for electricity and sent for the year? 5. ABC and Co has provided the following information for his financial activities for 2019 You are required to prepare his income statement 311219 95.000 63000 Balance as at Motor Vehicle Fixtures Inventory Accounts Receivables Accounts Payables Cash at Hand Loan 100.000 70.000 34.000 36.200 45 00 23550 100.000 41.00 14200 0.000 her information provided His gross profit margin is 25% Expenses paid during the year included: Ret 12,170, Salaries and Wages N4800 fucling N1,900 in. His drawings for the year was N5.200 1. A motor vehicle of N3.000 was bought during the year Differentiate between single entry and incomplete red it. Explain two (2) reasons for incompleteness of accounting records is. Discuss three (3) limitations of incomplete entry iv. Why would it be necessary to convert mark-up to margine from margin to (illustrate with worked examples) 1. Suppose that opening receivables for Bubble's business is N300,000. There have been total receipts from customers of N550,000 of which N150,000 relates to cash sales and N400,000 relates to receipts from receivables Discounts allowed in the year old N30.000 and closing balance of receivables was N370,000. What are total sales for the year? 2. The opening payables of Deck's business are N150.000 Total payments made to suppliers during the year were N140,000. Discounts received were 5.000 and closing payables were N130,000. What are total purchases for the year? 3. On 1 January Emma's bank account is overdrawn by N13,670. Payments in the year totaled 85,360 and on 31st December the closing balance as 22.270 (positive. What are total receipts for the year? 4. The following information relates to Ivory's business On January Electricity accrued Rent prepaid Cash paid in the year Electricity Rent On 31 December Electricity accrued Rent Prepaid N2.500 N3,000 N10,000 N20,000 N3.000 N4.000 What are the income statement changes for electricity and sent for the year? 5. ABC and Co has provided the following information for his financial activities for 2019 You are required to prepare his income statement 311219 95.000 63000 Balance as at Motor Vehicle Fixtures Inventory Accounts Receivables Accounts Payables Cash at Hand Loan 100.000 70.000 34.000 36.200 45 00 23550 100.000 41.00 14200 0.000 her information provided His gross profit margin is 25% Expenses paid during the year included: Ret 12,170, Salaries and Wages N4800 fucling N1,900 in. His drawings for the year was N5.200 1. A motor vehicle of N3.000 was bought during the year Differentiate between single entry and incomplete red it. Explain two (2) reasons for incompleteness of accounting records is. Discuss three (3) limitations of incomplete entry iv. Why would it be necessary to convert mark-up to margine from margin to (illustrate with worked examples)
