Accounts - Principles of Accounts Past QuestionsQuestion 281:Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97. The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment? A. N6,120,000 B. N6,120,300 C. N8,280,000 D. 8,820,000 Question 282:Yahuza Enterpises Trial Balance (Extracts) as at Dec. 31, 1998. Capital Premises 90,000 21,000 Debtors 35,000 Provisions 1/1/98: Depreciation 9,000 Bad and doubtful 1,500 If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is A. N 125, 000 B. N114,500 C. N105,500 D. N105,250 Question 283: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 A. Cost B. Prudence C. Consistency D. Entity Question 284:Use the information below to this question 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; N 75,000; N36,000 and N 56,000 respectively. What is the cost of the opening raw materials? A. N 418,350 B. N404,950 C. N400,250 D. N398,250 Question 285:Use the information below to this question 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; N 75,000; N36,000 and N 56,000 respectively. The production cost of finished goods is A. N 524,600 B. N408,600 C. N381,600 D. N327,600 |
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