Ibrahim, a micro-business operator, sold 10 bags of sugar to Jide at total cost of ₦12,000.

Given: 

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000. It is, however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue

1/5/07 Purchased 100 bags of milk at ₦10.00k each

Cash book extract

Given: 

N

Given: 

Receipt and Payment Accounts (Extract)

Given: 

Trading, Profit and Loss Account (Extract)

1. The partners capital are: Modibbo ₦60,000 and Jakata ₦90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is ₦12,000.

Given: 

₦ Purchasers – ₦44,880 Sales – ₦85,850 Trade creditors – ₦12,250 Trade debtors – ₦24,000 Accrued expenses – ₦ 350 Prepaid expenses – ₦ 700 Stock 1/1/2006 – ₦25,120 Stock 31/12/2006 – ₦27,840