Accounts - Principles of Accounts Past Questions and Answers

The cost of raw materials consumed is determined in the Manufacturing Account as

Rent owing by a business is shown in the

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

Which of the following is an item of prime cost?

Use the following information to answer question,<br/>\(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\)<br/>What was the cost of goods sold?