JAMB Accounting 2013 Objective — Question 41

Question 41 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

(Using the same information as Q40) What is the net profit for Y?

A. ₦52,000
B. ₦68,300
C. ₦68,800
D. ₦69,700Correct

Explanation

Cost of goods sold for Y = 800 + 100,000 − 1,500 = 99,300. Gross profit = 200,000 − 99,300 = 100,700. Less expenses (Salaries 30,000 + Rate share 1,000) = 31,000. Net profit = 100,700 − 31,000 = ₦69,700.

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