The transactions in this practice activity do not relate to a single business entity. Show how each transaction affects the financial...

Identify the effect of the following transactions in the relevant accounts: An individual (sole proprietor) commences business with...

The facts are the same as Practice Activity 5.1. Required: Show the double entry effects of each transaction in the respective accounts....

The facts are the same as practice activity 5.1. Required: Identify the double entry posting for every business transaction outlined in...

Highlight any ten financial transactions that could occur in a profit-making organisation. State the dates that the transactions could...

Give examples of non-current and current liabilities. Suggested answers to practice activity 4.5 Non-current liabilities are amounts that...

Equity is the amount that is left after deducting liabilities from assets. What are the components of equity? Suggested answers to...

Give examples of non-current and current assets. Suggested answers to practice activity 4.3 Non-current assets include the following,...

Hape Enterprises have been in the textile industry for ten years. The owner of Hape Enterprises is Mr. Joe. He started the business as a...

True Resource Limited commenced business on 2 October 2017. As at 30 September, the total assets of the Company are ₦450,000. The total...

The facts are the same as practice activities 3.3 and 3.4. Required: Discuss your answers in Practice Activities 3.3 and 3.4,...

The facts are the same as Practice Activity 3.3. Required: Calculate the depreciation rate using the method of reducing balance. Use the...

Assume that a business entity (Amiable Enterprises) purchased equipment for ₦50,000 on 3 August 2018. The equipment's estimated scrap or...

The following transactions occurred in ADA Enterprises in January 2019: January 2: Ada sold goods for ₦20,000 by cash to a customer. The...

The following transactions occurred in ADA Enterprises in January 2019: January 2: Ada sold goods for ₦20,000 by cash to a customer. The...

The facts are the same as practice activity 2.9. In addition, on July 28, 5 staplers were returned to Good Work Ltd. The staplers had...

The facts are the same as practice activity 2.8. Additional information: On June 3, Madam Ebere returned one realm of A4 paper...

Madam Ebere owns Ebere Enterprises. The business commenced operations in April 2017. The business trades in educational books and...

Mr. Munachi owns Munachim Enterprises. The business commenced operations in June 2018. The business trades in all kinds of stationery,...

The following events occurred in Obiamaka Ndu & Sons Enterprises during October 2019. i. Obiamaka Ndu introduces ₦700,000 cash into the...