It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

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Shares that are offered to existing shareholders at a price is called

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An ordinary share of ₦100 was issued at ₦80. The share was issued at

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What was the gross profit?

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What was the cost of goods sold?

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Discount received is charge to

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The purpose of profit and loss account is to ascertain

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A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson’s book is

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The difference between double entry and single entry is

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The rules of double entry states that

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A proprietor withdraws cash from the business for private use, he

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Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

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