JAMB Accounting Past Questions & Answers - Page 169

The main reason for adopting a departmental account is to?

Given:
Subscription in arrears 01/10/06...........N2,000
Subscription in advance 01/10/06...........N1,500
Subscription paid during the year..........N7,000
Subscription in arrears 31/12/06...........N3,000

Determine the amount of subscription included in the income and expenditure account for the year?

Receipt and payment account discloses?

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?