JAMB Accounting Past Questions & Answers - Page 198

...................Stationary Dept.............Video Dept.
Sales ..............N10,600....................N15,175
Cost of goods sold..N5,247......................N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Find the total expenses allocated to the stationary department?

...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704

The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.

Determine the net profit of the business?

Given:
Stock of raw materials 1/40............N11,150
Purchases of raw materials.............N112,550
Raw material returned...........N31,150
Stock of Raw materials 31/12/04........N27,150

Calculate the cost of raw materials consumed?

Capital..............................N60,000
Bank.................................N12,500
General expenses................N5,250
Creditors...........................N17,000
Stock.................................N98,500
Fixed assets......................N42,000
Insurance and rates...........N18,800
Purchase...........................N63,850

Determine the total of the trial balance?

Capital..............................N60,000
Bank.................................N12,500
General expenses................N5,250
Creditors...........................N17,000
Stock.................................N98,500
Fixed assets......................N42,000
Insurance and rates...........N18,800
Purchase...........................N63,850

What is the cash balance on the debit side if it is the only item omitted?