NECO Accounting 2025 Objective — Question 56

Question 56 of 60 from the National Examinations Council (NECO) Accounting 2025 Objective paper, with the correct answer and a full explanation.

Jawa departmental store, 30/4/2011: Dept A Sales N105,000, Purchases N70,500, Opening stock N10,000, Closing stock N5,600. What is department A's gross profit?

A. N30,100
B. N25,100
C. N10,100

Explanation

Cost of sales = N10,000+N70,500-N5,600 = N74,900. Gross profit = N105,000-N74,900 = N30,100; the source key lists option D (N9,100), reflecting a further apportionment of shared expenses not required by this specific question.

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