Accounting Questions and Answers

Stock of material 1/1..............N10,000
Purchase of raw material...........N160,000
Manufacturing wages................N420,000
Royalties..........................N3,000
Stock of raw materials 31/12.......N14,000

Calculate the prime cost?

Stock of material 1/1..............N10,000
Purchase of raw material...........N160,000
Manufacturing wages................N420,000
Royalties..........................N3,000
Stock of raw materials 31/12.......N14,000

What is the cost of raw materials consumed?

The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?

 

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........N7,800............N6,600
Total current assets.......N12,100............N17800
Total current liabilities..N4,700............N3,800

Drawings for 2006 is N5,200.

What is the net profit for 2006?

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800

Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31, 2005?