Accounting Questions and Answers

Given: 31/12/98 31/12/99

Assets: Plant and Mach. N1,500 N1,200
Fixtures N700 N520
Stock N500 N600
Debtors N900 N400
Cash N200 N300
Liabilities: Creditor N500 N600
Loan N600 N400

What is the capital from the opening balance sheet?

Given

Dept A Dept B
Floor space 40meter square 60meter square 
Machine hours 1200 1400
Turnover N36 million N64 million
Labour hours 1000 1400
A joint cost of N72 million incurred by the two departments was apportioned N30 million to A and N42 million to B. the basis used for apportionment must have been

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account 
Balance: Debit 32,000
Credit 61,000
Purchases during the year: 
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N75,000; N36,000 and N56,000 respectively. 

The production cost of finished goods is