Where there is no agreement made by the partners, the following provisions takes place except

No salary for partners acting in the business

No interest to be charged on drawings

Profit and loss are to be shared equally

The similarities between Receipts and payments and income and expenditure account is

Both accounts follows the principle of double entry

They are summaries of financial statements

Both are prepared by non-profit making concern

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

Increase in assets of motor vehicle account

Decrease in assets of motor vehicle account

Increase in assets of bank account

Increase in liabilities of bank account

Accounts can be classified into

personal and impersonal account

The importance of bank statement is all except

verifies the accuracy of balances of cash book and cheque book

helps to detect and rectify any error

JAMB UTME - Principles of Accounts - 2019

Question 1 Report

One of the limitations of accounting is that

it ascertain financial position

it prevent fraud

transactions are recorded in monetary terms

it monitor the progress of the enterprise

Answer Details

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Accounting Concepts

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Question 2 Report

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

credits cash account and debits bank account

credits cash account and debits drawing A/C

debits cash account and credits drawings account

debits bank account and credits drawings account

Answer Details

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The Final Accounts Of A Sole Trader/proprietorship

Partnership Accounts

Nature And Significance Of Accounting

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Question 3 Report

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

profit

capital

loss

cash

Answer Details

In the preparation of a statement of profit, the opening capital is the amount of money a business had at the beginning of a given period, and the closing capital is the amount of money a business has at the end of that same period. If the opening capital is greater than the closing capital, it means that the business has used more money than it has received during the period, leading to a decrease in its overall capital. This decrease in capital is referred to as a "loss." Therefore, if the opening capital is greater than the closing capital, it indicates that the business has suffered a loss during the period.

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Nature And Significance Of Accounting

Principles Of Double Entry

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Question 4 Report

Use the question to answer this questionThe following information were extracted from the books of Miliki state

Sinking of bore holes

Purchase of Motor car

Stationery

Electricity

Purchase of drugs

Purchase of beds

₦

2,900,000

920,000

300,000

45,000

76,000

425,000

Capital expenditure is

₦345,000

₦3,245,000

₦421,000

₦4,245,000

Answer Details

Capital expenditures are expenditures made by a company to acquire or improve long-term assets that are expected to provide benefits over several years. Examples of capital expenditures include the purchase of equipment, machinery, property, or buildings. Based on the information provided in the question, the following expenditures are capital expenditures: - Sinking of boreholes - Purchase of a motor car - Purchase of beds The total amount spent on these items is ₦2,900,000 + ₦920,000 + ₦425,000 = ₦4,245,000. Therefore, capital expenditure in this case is ₦4,245,000. In conclusion, capital expenditures are expenditures made to acquire or improve long-term assets that are expected to provide benefits over several years. Based on the information provided, the capital expenditure in this case is ₦4,245,000.

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Nature And Significance Of Accounting

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Question 5 Report

Use the following to answer this question.

Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.

The company's paid-up capital is

₦70,000

₦80,000

₦220,000

₦120,000

Answer Details

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Partnership Accounts

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Question 6 Report

The difference between double entry and single entry is

Duble entry is based on the dual concept while single entry is not based on dual concept

Double entry is an account while single entry is not an account

Double entry keeps personal account while single does not

Double entry is useful for business enterprise while single entry is not

Answer Details

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Incomplete Records And Single Entry

Principles Of Double Entry

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Question 7 Report

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

Estimate

Depreciation

Asset

Useful Life

Answer Details

Depreciation is the fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence. Think of an asset as something you own, like a car, a computer, or a building. Over time, these assets lose value because they get older, wear out, or become outdated. This loss of value is called depreciation. It's an estimate of how much an asset has lost in value over a certain period of time. In simple terms, depreciation is like getting older - the more time goes by, the less useful you become. The same thing happens to assets. The longer they're in use, the less valuable they become, and that decrease in value is called depreciation.

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Nature And Significance Of Accounting

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Question 8 Report

Use the following to answer this question

Opening stock

Purchases

Sales

Closing Stocks

₦

20,000

70,000

100,000

15,000

What was the gross profit?

₦35,000

₦75,000

₦50,000

₦25,000

Answer Details

To calculate the gross profit, we need to subtract the cost of goods sold (COGS) from the total revenue (sales). COGS represents the cost of the products that were sold during the period, and it is calculated as: COGS = Opening stock + Purchases - Closing stock In this case, the values are: COGS = ₦20,000 + ₦70,000 - ₦15,000 = ₦75,000 Total revenue (sales) is given as ₦100,000. Therefore, the gross profit can be calculated as: Gross profit = Total revenue - COGS = ₦100,000 - ₦75,000 = ₦25,000 Hence, the answer is option (D) ₦25,000.

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Stock Valuation

Nature And Significance Of Accounting

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Question 9 Report

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

₦5,120

₦6,400

₦8,000

₦12,500

Answer Details

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Provisions And Reserves

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Question 10 Report

One of the objective of maintaining the account of a branch at the head office is to

to access the performance of the branches

check the excesses of customers

record charges in shareholdings

record charges in liabilities

Answer Details

One of the objectives of maintaining the account of a branch at the head office is to access the performance of the branches. When a company has several branches, it is essential to keep track of the financial performance of each branch to ensure that they are operating efficiently and generating profits. By maintaining the account of each branch at the head office, the management can easily access the financial records of each branch and compare them to identify the profitable and non-profitable branches. The head office can analyze the financial statements of each branch, including the income statement, balance sheet, and cash flow statement, to determine the financial health of the branch. This information can help the head office make informed decisions, such as allocating resources to profitable branches or taking corrective actions to improve the performance of non-profitable branches. In summary, maintaining the account of a branch at the head office allows the management to access the financial performance of each branch, which is essential for making informed decisions and ensuring the profitability of the entire organization.

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Branch Accounts

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Question 11 Report

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

Calculate the net profit on percentage of expenses.

60%

25%

13%

65.7%

Answer Details

To calculate the net profit as a percentage of expenses, we need to first determine the total expenses of the company for the year. We can do this by adding up all of the overhead expenses: admin expenses + selling expenses + other overhead expenses. Total expenses = ₦16,800 + ₦15,000 + ₦6,200 = ₦38,000 Next, we can calculate the net profit as a percentage of expenses by dividing the net profit by the total expenses and multiplying by 100. Net profit as a percentage of expenses = (Net profit / Total expenses) x 100 = (₦25,000 / ₦38,000) x 100 = 65.79% Therefore, the correct answer is 65.79%, which is option (D). This means that for every ₦1 spent on expenses, the company earned a net profit of approximately ₦0.66. It's important to note that this percentage does not take into account the cost of goods sold, which is a separate expense and is already deducted from the sales figure.

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The Final Accounts Of A Sole Trader

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Question 12 Report

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

par

premium

right issue

bonus issue

Answer Details

Shares that are offered to existing shareholders at a discounted price are called a "right issue." This is a type of securities offering that allows existing shareholders the opportunity to purchase additional shares of the company's stock, typically at a price lower than the current market price. The purpose of a right issue is to raise capital for the company and provide existing shareholders with the opportunity to increase their ownership in the company at a favorable price. In a right issue, the company will typically set a record date, which determines which shareholders are eligible to participate in the offering. The shares are then offered to these eligible shareholders in proportion to their existing holdings. The shareholders have the right, but not the obligation, to purchase the additional shares. In conclusion, a right issue is a type of securities offering where existing shareholders are offered the opportunity to purchase additional shares of a company's stock at a discounted price, with the goal of raising capital for the company.

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Partnership Accounts

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Question 13 Report

Use the following to answer this question.

The Unissued capital of the company is

₦310,000

₦200,000

₦210,000

₦100,000

Answer Details

The authorized share capital of Industry Ltd is ₦200,000, which means the maximum amount of money the company can raise from issuing shares is ₦200,000. The company issued 100,000 shares at ₦1 each, so it raised ₦100,000. This means that ₦100,000 of the authorized share capital has been issued. All shareholders paid in full except for two shareholders who owe a total of ₦20,000. This means that the company received a total of ₦80,000 in payment for the issued shares. The unissued capital of the company is the portion of the authorized share capital that has not been issued yet. Since the authorized share capital is ₦200,000, and ₦100,000 has been issued, the unissued capital is ₦100,000. Therefore, the answer is (2) ₦200,000 is the authorized share capital, and ₦100,000 is the unissued capital.

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Partnership Accounts

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Question 14 Report

Goods can be charged to branches using any of these pricing methods except

cost price

cost plus percentage

selling price

selling plus percentage

Answer Details

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Read lesson note on Branch Accounts (JAMB)

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Departmental And Branch Accounts

Branch Accounts

Accounts Of Not-for-profit Making Organizations

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Question 15 Report

The rate of interest on capital for Ade is

250

200

300

400

Answer Details

Read lesson note on Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

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Question 16 Report

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

warrant

budget

imprest

consolidated fund

Answer Details

The instrument issued by the Minister who authorized an officer to incur expenditure is called a "warrant". A warrant is a legal document that authorizes a government official, usually a financial officer, to spend a specific amount of money from a particular fund or budget. In this context, the Minister issues a warrant to give authority to a specific officer to spend money for a specific purpose. This ensures that government spending is properly authorized and regulated, and helps prevent fraud or misuse of public funds. Therefore, among the options given, the correct answer is "warrant".

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Ethics In Accounting

Partnership Accounts

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Question 17 Report

Majority of commercial transactions are termed credit transactions, which means

The buyers pay immediately for goods bought

Settlement is deferred to a future date

No account will be opened

Item of expenditure increases

Answer Details

When we say that a commercial transaction is a credit transaction, it means that the payment for goods or services is deferred to a future date. In other words, the buyer doesn't pay immediately for the goods they've purchased, but instead, they are given a certain period of time to pay for those goods. This is a common practice in business, as it allows buyers to make purchases without having to pay for them upfront, and it also allows sellers to extend credit to their customers, which can help to build customer loyalty and increase sales. In a credit transaction, an account is usually opened between the buyer and seller, which keeps track of the amount owed and the payment due date. When the payment due date arrives, the buyer is expected to make the payment, which settles the account. It's important to note that in a credit transaction, the item of expenditure doesn't increase. The cost of the goods or services remains the same, but the payment for those goods or services is deferred to a future date.

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Principles Of Double Entry

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Question 18 Report

Use the information below to answer this question.

Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.

Extract from their books for the year ended are

Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

Sam's share of profit is

7000

4921

3000

991.8

Answer Details

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Partnership Accounts

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Question 19 Report

Use the information to answer this question

Receipts and Payment Account (Extract)

	N
Bal b/f	3650	Insurance	900
Subscription (99)	7500 1000	Rate	11,700
Fees	8500	Bal c/d	8,050
	20,650		20,650

The following information were given:

	1/199	31/12/99
Rates owing	3,600	2000
Insurance prepaid	50	1000
Subscription in arrears	700	600

Calculate the subscriptions in the Income and expenditure account

8400

7400

6400

7200

Answer Details

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Nature And Significance Of Accounting

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Question 20 Report

The objective of departmentalization is to

ensure that departmental managers are adequately monitored

record transactions for each department for better documentation

tackle any recording problem as a result of expansion

evaluate the profit of different departments

Answer Details

Read lesson note on Departmental And Branch Accounts (WAEC)

Read lesson note on Departmental Accounts (JAMB)

Departmental And Branch Accounts

Departmental Accounts

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Question 21 Report

Use the question to answer this question:

Opening stock

₦

Department

100

800

Purchases:

Wages of workers

Salaries

1500

2000

100

Sales

3000

5000

Expenses are to be shared in the ratio of sales.

What was the cost of goods sold?

₦25,000

₦35,000

₦50,000

₦75,000

Answer Details

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The Final Accounts Of A Sole Trader

Nature And Significance Of Accounting

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Question 22 Report

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

Double entry system

Ledger

Cash Book

Petty Cash Book

Answer Details

The statement in a double entry system that records all the transactions of one specific class during a period is called a ledger. A ledger is a book or a collection of accounts in which a business records its financial transactions. It contains all the financial information related to a specific account, such as sales, purchases, expenses, and revenues. In a double entry system, every transaction affects at least two accounts, one being debited and the other credited. These debits and credits are recorded in the ledger in separate columns, which allows for the calculation of the account balance at any given time. For example, a business might have a ledger for its sales transactions, in which all the sales made during a particular period are recorded. Each sale is recorded in the ledger as a debit to the customer's account and a credit to the sales account. At the end of the period, the balance in the sales account represents the total amount of sales made during that period. Overall, the ledger is an important tool in accounting as it provides a detailed record of all financial transactions, allowing businesses to monitor their financial performance and make informed decisions.

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Accounting Concepts

Principles Of Double Entry

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Question 23 Report

Given:

Fixed assets

Liabilities

Current assets

₦

55,000

20,000

13,000

What is the capital?

₦88,000

₦48,000

₦62,000

₦55,000

Answer Details

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The Accounting Equation And Double Entry Principle

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Question 24 Report

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

realisation concept

entity concept

going concern concept

matching concept

Answer Details

The entity concept is a fundamental principle of accounting that assumes that every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having an economic interest. This means that a business is viewed as a distinct entity separate from its owners, shareholders, creditors, or any other parties with an economic interest in the business. Under the entity concept, the financial transactions of the business are recorded separately from those of the owner or other parties. This enables the business to track its financial performance and position accurately, and to prepare financial statements that are useful for decision-making. For example, if a business owner invests $10,000 of personal funds into the business, the entity concept requires that the transaction be recorded as a liability owed to the owner by the business. Similarly, if the business borrows $5,000 from a bank, the loan is recorded as a liability owed to the bank by the business. By treating the business as a separate entity, the entity concept enables stakeholders to evaluate the financial performance of the business without confusion or distortion caused by mixing personal transactions with business transactions.

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Accounting Concepts

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Question 25 Report

If only wages is shown on the trial balance, it should be charged to the

profit and loss account

trading account

balance sheet

wages account

Answer Details

Read lesson note on Nature And Significance Of Accounting (JAMB)

Nature And Significance Of Accounting

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Question 26 Report

The purpose of profit and loss account is to ascertain

Gross profit

Capital

Expenses

Net profit

Answer Details

The purpose of a profit and loss (P&L) account is to show the financial performance of a business over a specific period of time, usually a month or a year. It helps to determine the net profit or loss of a company by showing the total revenue earned and the total expenses incurred during the period. The P&L account starts with the gross profit, which is calculated by subtracting the cost of goods sold (COGS) from the total revenue. Gross profit shows the amount of money the company made from its sales before any other expenses are taken into account. Next, the P&L account lists all the expenses incurred by the company during the period, such as wages, rent, utilities, advertising, and other operating costs. These expenses are subtracted from the gross profit to arrive at the net profit or net loss. The net profit or loss is the final result of the P&L account and shows whether the company made a profit or suffered a loss during the period. If the net profit is positive, it means the company had more revenue than expenses and made a profit. If the net profit is negative, it means the company had more expenses than revenue and suffered a loss. In conclusion, the purpose of a P&L account is to determine the net profit or loss of a company by showing the total revenue earned, the total expenses incurred, and the difference between the two.

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Miscellaneous Accounts

Nature And Significance Of Accounting

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Question 27 Report

The rules of double entry states that

for every debit entry, there must be a corresponding debit entry

for every credit entry, there must be a corresponding credit entry

all transactions must be recorded in two accounts, one account is debited and another is credited

all transaction must be credited

Answer Details

Double entry accounting is a method of recording financial transactions in which every transaction is recorded in two accounts: one account is debited and another is credited. This means that for every debit entry (money going out of an account), there must be a corresponding credit entry (money coming into an account), and vice versa. The purpose of double entry accounting is to ensure accuracy and provide a clear and complete record of all financial transactions. This helps to prevent errors and fraud, and allows for easy reconciliation and tracking of financial information.

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Principles Of Double Entry

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Question 28 Report

From the following, determine the value of closing stock using:

Feb 1 purchased 200 units @ ₦2.00 each

Feb 3 purchased 100 units @ ₦1.00 each

Feb 4 issued 120 units @ ₦5.00 each

Feb 5 purchased 50 units @ ₦3.00 each

Feb 6 issued 100 units @ ₦4.00 each

330

420

230

320

Answer Details

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Stock Valuation

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Question 29 Report

Show how the following transaction will be recorded applying the double entry principle:

Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

Dr Rent A/c; Dr Bank A/c

Dr Bank A/c; Cr Rent A/c

Dr Rent A/c; Cr Bank A/c

Dr Rent A/c; Cr Mr. Roi

Answer Details

The correct entry for the transaction where Mr. Roi pays rent of ₦50,000 to his landlord on July 1st, 20x7 by cheque, using the double entry principle would be: - Dr Rent A/c; Cr Bank A/c The transaction has two effects: it decreases Mr. Roi's cash (Bank A/c) balance by ₦50,000 and increases the landlord's Rent A/c balance by the same amount. Applying the double entry principle, we need to record both of these effects in the accounts. Therefore, we will debit Rent A/c with ₦50,000 as it is an expense and credit Bank A/c with the same amount as it is a decrease in cash. This will ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced. In summary, when Mr. Roi pays rent by cheque, we record a debit of ₦50,000 to Rent A/c and a credit of ₦50,000 to Bank A/c to maintain the balance of the accounting equation.

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The Accounting Equation And Double Entry Principle

Principles Of Double Entry

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Question 30 Report

Given:

Additional capital

Capital

Closing capital

Net profit

₦

4000

8000

12000

1500

The drawings for the period stand at

1500

3000

12,000

10,500

Answer Details

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Accounting Concepts

Nature And Significance Of Accounting

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Question 31 Report

One of these is not a similarity between Joint Venture and Partnership.

AIM is profit making

It is for a specific venture

Involves two people

have rights and duties

Answer Details

Read lesson note on Joint Venture Accounts (JAMB)

Joint Venture Accounts

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Question 32 Report

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

₦20,000

₦6,000

₦6,174

₦10,000

Answer Details

The mark-up in this scenario is ₦6,174. When a company sells goods to its branch, it usually does so at a price that is higher than the cost price, to make a profit. In this case, the invoiced price of the goods sent to the branch is ₦30,870, which includes a markup of 25% on the cost price. To find the cost price, we can use the following formula: Cost price = Invoiced price / (1 + Markup percentage) Plugging in the values, we get: Cost price = ₦30,870 / (1 + 25%) = ₦24,696 Now, to find the markup, we can use the following formula: Markup = Invoiced price - Cost price Plugging in the values, we get: Markup = ₦30,870 - ₦24,696 = ₦6,174 Therefore, the mark-up in this scenario is ₦6,174. This represents the amount that the company has added to the cost price of the goods to arrive at the invoiced price that it charged to its branch.

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Manufacturing Accounts

Branch Accounts

Provisions And Reserves

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Question 33 Report

Which of the following is not charged to manufacturing account?

Direct expenses

Factory wages

Distribution expenses

Raw materials

Answer Details

Distribution expenses are not charged to manufacturing account. Manufacturing account is a record of all the costs incurred during the production process of goods. It includes direct expenses such as raw materials, direct labor (factory wages) and direct expenses incurred in the production process. On the other hand, distribution expenses refer to the costs incurred in the distribution of finished goods to the customers, such as transportation, packaging, and marketing expenses. These costs are not considered a part of the production process and hence are not charged to the manufacturing account. Instead, they are recorded in the selling and administrative expenses account.

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Manufacturing Accounts

Cashbook

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Question 34 Report

Use the information to answer this question

Payment to creditors ₦12,250

Creditors at start ₦550

Creditors at end ₦830

What is the amount of purchase

₦11,970

₦11,000

₦1,250

₦12,053

Answer Details

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Nature And Significance Of Accounting

Principles Of Double Entry

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Question 35 Report

Accounting standards are issued at the International level by the

Standards Advisory Council

International Accounting Standards Board

Nigerian Accounting Standards Board

Standing Interpretations Committee

Answer Details

Accounting standards are issued at the international level by the International Accounting Standards Board (IASB). The IASB is an independent organization that sets accounting standards, known as International Financial Reporting Standards (IFRS), for companies to follow when preparing their financial statements. These standards help ensure that financial information is transparent and comparable across different companies and countries. The IASB operates under the oversight of the IFRS Foundation, which provides funding and governance. The Standards Advisory Council and Standing Interpretations Committee are both bodies that provide advice and guidance to the IASB, but they do not have the authority to issue accounting standards. In summary, the IASB is the organization responsible for setting international accounting standards, which are designed to promote transparency and comparability in financial reporting by companies around the world.

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Nature And Significance Of Accounting

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Question 36 Report

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?

2.7%

0.27%

27.0%

29.8%

Answer Details

To calculate the Gross Profit on percentage of sale, we need to use the following formula: Gross Profit Percentage = (Gross Profit / Sales) x 100 First, we need to calculate the Gross Profit, which is the difference between the Sales and Cost of Goods Sold: Gross Profit = Sales - Cost of Goods Sold Gross Profit = 233,000 - 170,000 Gross Profit = 63,000 Next, we can calculate the Gross Profit Percentage using the formula above: Gross Profit Percentage = (Gross Profit / Sales) x 100 Gross Profit Percentage = (63,000 / 233,000) x 100 Gross Profit Percentage = 0.2701 x 100 Gross Profit Percentage = 27.01% Therefore, the Gross Profit on percentage of sale is 27.01%, which means that for every ₦1 of sales, Wazobi Ventures earns a Gross Profit of ₦0.27. The closest option to this answer is 27.0%.

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Nature And Significance Of Accounting

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Question 37 Report

The advantage of double entry is that

it is easy to prepare the final account

it increase assets

has cash and bank column

It disburses cash

Answer Details

The advantage of double-entry bookkeeping is that it ensures the accuracy of financial records and provides a complete picture of a company's financial transactions. Double-entry bookkeeping is a method of recording financial transactions that involves recording every transaction in at least two accounts, with one account debited and the other credited. This ensures that the total debits always equal the total credits, which means that the books are always in balance. By using double-entry bookkeeping, companies can ensure that their financial records are accurate and complete. They can also quickly identify errors and discrepancies in their records, which can help them to make better financial decisions. In addition, double-entry bookkeeping provides a complete picture of a company's financial transactions. It shows how every transaction affects both sides of the accounting equation (i.e., assets = liabilities + equity), which helps companies to understand the impact of their transactions on their financial position. In summary, the advantage of double-entry bookkeeping is that it ensures the accuracy and completeness of financial records, helps companies to quickly identify errors and discrepancies, and provides a complete picture of a company's financial transactions. It is not related to options such as increasing assets or disbursing cash.

Read lesson note on Accounting Concepts (WAEC)

Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)

Read lesson note on Principles Of Double Entry (JAMB)

Accounting Concepts

The Accounting Equation And Double Entry Principle

Principles Of Double Entry

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Question 38 Report

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Payment to creditors ₦12,250

Creditors at start ₦550

Creditors at end ₦830