Accounting Questions and Answers

Expense paid during the conversion of a partnership to a company are?

Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02)........................N?

Opening stock is 1/4 of goods sent to branch.

The value of goods sent to branch is?

Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02)........................N?

Opening stock is 1/4 of goods sent to branch.

Determine the closing stock?

(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.

From the above, which of the following would apply where there is no agreement during partnership formation?

Given:
Stock at start:
Raw materials................N57,000
Work-in-progress.............N42,000
Finished goods...............N71,000

Purchase of raw materials amount to N81,000, direct labour is N38,000 and factory overhead N29,000.

Calculate the prime cost?