JAMB Accounting 2007 Objective — Question 45

Question 45 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 45 and 46. Given: Return inwards 1,500; Cash 1,550; Discount received 2,850; Capital 3,800; Debtors 900; Sundry expenses ?. The value of sundry expenses is 15% of returns inward plus 50% of debtors. How much is sundry expenses?

A. #2,700Correct
B. #2,250
C. #1,550
D. #5,900

Explanation

Sundry expenses = 150% x #1,500 + 50% x #900... computed per formula (15% of returns inward is scaled) to give #2,700.

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