JAMB Past Questions and Answers - Page 940

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

Amin Ltd. Creditor Ledger Control Account (Extracts)

Beginning control account 
Balance: Debit 32,000
Credit 61,000
Purchases during the year: 
Cash 30,000
Credit 60,000
Payment to suppliers:
Cash 13,000
Cheque 29,000
Debtor's contra 6,000
The closing control account balance is

Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N75,000; N36,000 and N56,000 respectively. 

The production cost of finished goods is

Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent 
relation to the factory are 
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N75,000; N36,000 and N56,000 respectively.

What is the cost of the opening raw materials?

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is