JAMB Accounting Past Questions & Answers - Page 102

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

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.

What is the cost of the opening raw materials?

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

Yahuza Enterpises
Trial Balance (Extracts) as at Dec. 31, 1998.
Capital
Premises 90,000 21,000
Debtors 35,000
Provisions 1/1/98:
Depreciation 9,000
Bad and doubtful 1,500

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

Determine the owners equity