Accounting Questions and Answers

\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)

Their profit sharing ratio is

The price paid by an acquiring company is

Use the following information to answer the given question

\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
Cost of raw materials used is

\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\) What is Balla's Current Account balance as at 31/3/99?

Use the following information to answer the given question

\(\begin{array}{c|c} & N\\ \text{Stock of raw materials - 1st January, 2002} & 460,000\\ \text{Purchases of raw materials} & 1,000,000\\ \text{Carriage inwards} & 100,000 \\ \text{Stock of raw materials - 31st December, 2002} & 500,000\\ \text{Royal paid} & 35,000 \\ \text{Manufacturing wages} & 80,000\\ \text{Supervisor's salary} & 15,000\end{array}\)
The prime cost is