JAMB Accounting 2008 Objective — Question 34
Question 34 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer questions 34 and 35: Departmental Trading Account (Extract), Stock Total/P/Q 3000/2000/1000; Sales Total/P/Q 10000/6000/4000; Purchases Total/P/Q 400/2500/1500; Closing stock Total/P/Q 1500/1500/500. Goods worth 300 was transferred from department Q to P, similarly P's total expenses for the period was 200. What was department Q's gross profit?
- A. #2,500
- B. #2,300Correct
- C. #2,200
- D. #1,700
Explanation
Goods transferred 300, closing stock 500, cost of goods sold 1,700; Gross profit = Sales - Cost of goods sold = 4,000-1,700 = N2,300.
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