Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the given question<br/>Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990 <br/>\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)<br/>He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue receipt?

Use the following information to answer the given question<br/>Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990<br/>\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)<br/>The prime cost is

Use the following information to answer the given question<br/>Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990<br/>\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)<br/>The factory overhead is

Use the following information to answer the given question<br/>Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990<br/>\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)<br/>The cost of production is

Nagode (Nig.) Ltd. has three departments A, B and C. You are given the following Information<br/>(i)Rent for the year - N3,000 <br/>(ii) Selling and distribution expenses - N1,800<br/>(iii) Department <br/>\(\begin{array}{c|c} & Turnover & \text{Floor space in square meters} \\ & N & N \\ \hline A. & 40,000 & 120 \\ B. & 60,000 & 80 \\ C. & 80,000 & 100\end{array}\)<br/>How much rent is appointed to department A?