Accounting Questions and Answers

\(\begin{array}{c|c} & \text{Dr GH¢} & \text{Cr GH¢} \\ \hline Advertising & 36,000 & - \\ \hline Electricity & 60,000 & - \end{array}\)

Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.

Advertising owing in respect of the year ended June 30, 2012 is _______?

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?

Use the information below to answer the question that follows

\(\begin{array}{c|c} Creditors & 3,000 & 4,000 \\ \hline Debtors & ___ & 6,000 \\ \hline \text{Cash received from debtors} & ___ & 35,000 \\ \hline \text{cash paid to suppliers} & ____ & 25,000 \\ \hline \text{Discount allowed} & _____ & 4,000 \\ \hline \text{Discount received} & _____ & 4,200 \\ \end{array}\)

What is the total sales for the period?

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\(\begin{array}{c|c} \text{Raw materials jan.} & 5,000 \\ \hline \text{Raw materials dec.} & 5,800 \\ \hline \text{Purchase of raw materials} & 45,000 \\ \hline \text{Salary} & 61,000 \\ \hline \text{Factory lubricant} & 2,050 \\ \hline \text{plant depreciation} & 1,300 \\ \hline \text{Factory insurance} & 1,250 \\ \end{array}\)

The prime cost for the company is

Use the information below to answer this question.

\(\begin{array}{c|c} \hline & \text{Dept A} & \text{Dept B} \\ \hline \text{Sales} & 180,000 & 150,000 \\ \hline \text{Cost of sales} & 79,000 & 85,000 \\ \hline \text{Expense} & 28,000 & 40, 000 \\ \end{array}\)

How much is the gross profit for department A?