The following represents extracts from the trading account of a retail outlet for a retail outlet for a given month: 

Sobande incorporation acquired a machine that involved the following expenditures and related factors. 

₦ Cost of raw materials consumed 300, 600 Returns of raw materials 6,700 Closing stocks of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relating to the factory are apportioned 1/3, 2/5, 1/6 and 1/7 with totals ₦30,000; ₦75,000; 

₦ Subscriptions received during the year 30,000 Subscriptions owed last year 4,000 Subscriptions received for next year 6,000

The gross profit ratio for the company is 25%. 

 

₦ Capital 24,000 Land and building 18,470 Mortgage on premises 11,090 Drawings 3,000 Profit and Loss 3,600 Furniture and fittings 5,120 Motor Vehicles 3,462 Closing Stock 3,000 Debtors 11,474 Creditors 7354 Cash 1,518 46,044

It is the tradition of the organization to apportion expenses in the proportion 60%: 

40% for S and T respectively

Use the information below to answer the following questions 

Use the information below to answer the following questions

₦ Fixtures 30,000 Debtors 7,000 Stock 8,000 Creditors 3,000 Goodwill 10,000