JAMB Accounting Past Questions & Answers - Page 183

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?

Determine the opening cash balance of the club?

Entrance fees.........................N1200
Subscriptions(including N850 arrears)....N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation........................N2100
Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?