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Which of the following is accounted for in receipts and payment account
In manufacturing account, the work-in-progress at the end of the year is
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Determine the prime cost
Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used
The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of
When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a
Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is
Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
What type of stock valuation would a vegetable seller adopt in valuing it's product?
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account
Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit
The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit
A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit