Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
What is the cost of goods manufactured?

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
Calculate the prime cost?

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
What is the cost of manufactured goods?

Use the information below to answer questions .
subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120
What is the cash balance in the receipts and payments account?