JAMB Accounting 2011 Objective — Question 24

Question 24 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Trading account for the year ended 31st December 2009: Opening stock 32,000; Purchases 40,000; Carriage inward 1,000; total 41,000; Less returns 2,000; = 39,000; Less closing stock 9,000; Sales 48,800; Less returns 2,000] Find the average stock for the period.

A. A. #27,000
B. B. #23,000
C. C. #28,000
D. D. #20,500Correct

Explanation

Average stock = (Opening stock + Closing stock)/2 = (#32,000+#9,000)/2 = #41,000/2 = #20,500.

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