JAMB Accounting 2013 Objective — Question 15

Question 15 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 15 and 16. Sales 232,000 Opening stock 28,000 Purchases 128,000 Carriage inwards 4,000 Carriage outwards 6,000 Closing stock 10,000 Discount received 18,000 Expenses 20,000 Calculate the gross profit.

A. ₦100,000
B. ₦86,000
C. ₦82,000Correct
D. ₦76,000

Explanation

Sales 232,000; Opening stock 28,000 + Purchases 128,000 + Carriage inwards 4,000 = Goods available 160,000; less Closing stock 10,000 = Cost of sales 150,000. Gross profit = 232,000 − 150,000 = ₦82,000.

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