Accounts - Principles of Accounts Past Questions and Answers

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is

Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

The factory cost of producing goods is made up of

The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?