JAMB Accounting 2008 Objective — Question 35

Question 35 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

Department P's net profit was

A. #5,200
B. #3,000
C. #2,800
D. #2,500Correct

Explanation

Sales 6,000; Cost of goods sold (opening stock 2,000 + purchases 2,500 + transfer in 300 - closing stock 1,800) = 3,000; Gross profit = 2,700; Less expenses 200; Net profit = N2,500.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2008 Objective More Accounting past papers