JAMB Accounting Past Questions & Answers - Page 185

Given:
....................January.............December
Assets................N28,320.............N25,320
Creditors.............N5,620..............N10,320

The proprietor made drawings of N755 per month for personal use.

The profit for the period is?

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

Departmentalization of accounts is useful because it shows the?

Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

Interest on the drawings of partners is treated in the?

Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

The factory overhead is?