JAMB Accounting 2010 Objective — Question 35

Question 35 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.

35. The Akachala Limited has four departments W, X, Y and Z. The profits or loss of the departments were W N20,000 loss, X N25,000 profit, Y N30,000 loss and Z N1,800 profit. How much is the net profit or loss of the company? A. 7,000 loss B. 5,000 loss C. 5,000 profit D. 7,000 profit

A. 7,000 lossCorrect
B. 5,000 loss
C. 5,000 profit
D. 7,000 profit

Explanation

Net loss = -(N20,000) + N25,000 + (-N30,000) + N1,800 = -N7,000, i.e. a N7,000 loss for the company overall.

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